JAL could go public again in September 2012: report

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Báo Tuổi Trẻ English - 32 month(s) ago 3 readings

JAL could go public again in September 2012: report

Japan Airlines, the flag-carrier that went bust in 2010 in one of Japan's biggest-ever bankruptcies, has filed preliminary documents to relist on the Tokyo Stock Exchange, according to a report.

Japanese airplanes Japan Airlines (JAL) passenger aircraft stand on the tarmac of Tokyo's Haneda airport in 2010. Japan Airlines, the flag-carrier that went bust in 2010 in one of Japan's biggest-ever bankruptcies, has filed preliminary documents to relist on the Tokyo Stock Exchange, a report said Wednesday. Photo: AFP

Japan Airlines, the flag-carrier that went bust in 2010 in one of Japan's biggest-ever bankruptcies, has filed preliminary documents to relist on the Tokyo Stock Exchange, according to a report.

JAL could float again as early as September, Kyodo News said, citing anonymous sources close to the matter. The papers were submitted to the exchange in March, it added.

The move would complete an astonishing turnaround from January 2010, when the firm filed for bankruptcy with debts of about 2.32 trillion yen (US$28 billion).

Under government supervision JAL carried out massive job and route cuts, guided by charismatic businessman Kazuo Inamori, in order to continue flying, and it completed bankruptcy proceedings in March last year.

New JAL President Yoshiharu Ueki, who stepped into the role in February, said recently the company expects to report on May 14 a higher than expected operating profit for the business year ended March 31.

It faced a decline in traffic after the deadly earthquake and tsunami that hit northern Japan in March 2011, triggering a nuclear crisis, but temporarily reduced flights and switched to smaller aircraft.

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