Japan Airlines Boeing 777-300

By KAZUAKI NAGATA
Staff writer, The Japan Times Online – After about a month of evaluating the assets of Japan Airlines Corp., the transport ministry and a reconstruction task force said Thursday that the struggling carrier needs to go through reconstruction under the Enterprise Turnaround Initiative Corp.

JAL released a statement saying it has begun consulting with ETIC on seeking its help for reconstruction.

ETIC is a Tokyo-based corporation jointly set up by the government and about 130 private-sector financial institutions to rehabilitate debt-ridden companies.

ETIC, which began operating earlier this month, is able to buy debt and invest in and provide loans to companies saddled with liabilities deemed excessive, and can raise up to ¥1.6 trillion in government-guaranteed funds.

“I expect that ETIC will accept the application and will start its own asset evaluation of the company,” transport minister Seiji Maehara told a news conference. read more at The Japan Times Online…