JAL may need $1b in financial aid

Japan Airlines (JAL) will likely need another US$1.1 billion in financial aid as it now expects larger writedown losses from asset valuations, Dow Jones reported.

The airline, which filed for bankruptcy protection in January, is preparing to submit a restructuring plan to the Tokyo District Court. But JAL and a state-backed turnaround body - the Enterprise Turnaround Initiative Corporation of Japan - are "reassessing the value of assets such as fleets," according to a person familiar with the matter.

JAL last month postponed by two months the submission of its restructuring plan to the court, from an initial end-of-June deadline, as it seeks to flesh out the details of the plan.
(Source:www.cargonewsasia.com)