UPDATE 1-JAL could miss deadline for restructuring plan-Nikkei

April 27 (BestGrowthStock) – Debt-ridden Japan Airlines Corp (JAL)
(JALFQ.PK: ) could miss its June-end deadline for submitting a
rehabilitation plan by as much as two months as it deals with
local governments opposed to flight cuts, the Nikkei said.

The struggling airline’s main lenders have said they will
not recommence lending unless the company drastically revamps
unprofitable flight operations in the restructuring plans to be
drawn up by the end of June. [ID:nSGE62U0LE]

The new framework has scrapped plans to consolidate flights
serving Central Japan International Airport at Nagoya airport
and flights between Kansai International Airport and Bangkok,
leaving the airline’s flight restructuring mostly unchanged
from earlier March-end, the paper said.

The Nikkei said local governments are pressing the ruling
Democratic Party of Japan, JAL and the Transport Ministry to
reduce the planned flight cuts, scheduled to begin in October.
However, JAL President Masaru Onishi is reported to have said
on Monday that the company’s priority is to downsize and
recover as soon as possible. JAL’s main lender banks are also
calling for further reductions to routes and personnel to
ensure that earnings recover, the business daily said.


(Reporting by Antonita Madonna Devotta in Bangalore; Editing
by Aradhana Aravindan)

UPDATE 1-JAL could miss deadline for restructuring plan-Nikkei