Japan Airlines looking to tap banks for $2.8 bln in funding-NHK [Reuters]
JAPAN AIRLINES UNSP/ADR (JAPSY)
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Source: Reuters
Japan Airlines looking to tap banks for $2.8 billion in funding: NHK TOKYO (Reuters) - Japan Airlines Co ( 9201.T ) is discussing the possibility of securing financing totaling $2.8 billion from its lenders to cushion the financial blow of the coronavirus outbreak, public broadcaster NHK said on Saturday. The airline, which has seen its passenger numbers tumble as it has slashed 90% of its international flights and 60% of domestic flights, has tapped its main lenders Mitsubishi UFJ Financial Group ( 8306.T ), Mizuho Financial Group ( 8411.T ) and other banks for extra funding, NHK said, citing unnamed sources. It was also considering securing special emergency funding from the Development Bank of Japan (DBJ), it added. The airline was not immediately available for comment. Global airlines are struggling to pay fixed costs as the majority of their planes have been grounded due to traveling restrictions put in place to control the spread of the coronavirus. Japan’s government has
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