Japan Airlines to Seek Public Funds
Updated from 4:56 a.m. EDT
TOKYO (
) --
Japan Airlines
said Thursday it plans to apply for public funding after reports last week had the money-losing airline reaching out to
AMR's
(AMR)
American Airlines and
Delta Air
(DAL) - Get Report
for possible financial help.
The airline's president refused to reveal how much money JAL was seeking.
Reports last week said American Airlines planned to team up with other members of the Oneworld alliance to recapitalize the airline and fend off a rival offer from
Delta
(DAL) - Get Report
. The investment from American was thought to amount to several million dollars.
TheStreet.com
reported last week that the financially troubled JAL was seeking to restructure and to raise funding from banks, investment funds and others including airlines. It wants about $300 million to $500 million from an airline partner or partners, as a share of the $2.7 billion it reportedly needs.
JAL reported its widest-ever quarterly net loss of 99 billion yen ($1 billion) in the three months ended in June. Earlier this month the airline said it would cut 6,800 jobs by March 2012.
-- Reported by Joseph Woelfel in New York
.
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