Japan Airlines (JAL) has secured a ¥145 billion ($1.6 billion) loan from the Development Bank of Japan, as a government body carves out a business revitalisation plan for the ailing carrier.
The loan includes an amount disbursed from the remaining credit facility of an earlier loan agreement signed in November 2009, says JAL.
Reports say the earlier credit line was doubled to ¥200 billion earlier this month, although JAL has declined to confirm the figures.
The loan will help the carrier to maintain its daily operations while Japan's Enterprise Turnaround Initiative Corporation (ETIC) comes up with a restructuring plan for the airline.
JAL posted a fiscal second quarter net loss of ¥32.1 billion ($348 million) and had applied to the government-backed ETIC for a bail-out.
Meanwhile, the airline has denied that it will join Delta Air Lines and SkyTeam, ending its membership in Oneworld.
Local media reports say JAL and Delta have agreed on a deal last Friday. However, a JAL spokeswoman says a decision has not been made.
Japan's transport minister Seiji Maehara was earlier quoted in local media as saying that JAL is unlikely to decide on a tie-up within this month.
Delta and SkyTeam have offered a $1 billion financing package to JAL to persuade it to switch alliances.
American Airlines, Oneworld and private investment firm TPG said last week it was prepared to invest up to $1.4 billion in JAL, sweetening its previous $1.1 billion offer.
Source: Air Transport Intelligence news
