AFP - Struggling Japan Airlines (JAL) on Monday said it had won approval from creditors for a rehabilitation plan under which they would waive debts worth more than 520 billion yen (6.3 billion dollars).
On top of the debt waiver, JAL has also reached a basic agreement for receiving fresh loans of 280 billion yen from its main creditors, five major Japanese banks, as early as March, Jiji Press reported.
The flagship carrier -- which went bankrupt in January owing 26 billion dollars in one of Japan's biggest ever corporate failures -- is undergoing painful restructuring, including the slashing of over 16,000 positions.
The state-backed Enterprise Turnaround Initiative Corp. (ETIC), which is charged with leading the restructuring, will seek final court approval for the rehabilitation plan as early as November 30, the carrier said.
It said on Monday that more than 96 percent of the banks and other creditors had given the restructuring process the green light.
Once the Tokyo District Court approves the rehabilitation plan, the ETIC is expected to carry out a public capital injection of 350 billion yen into the JAL group on December 1, Jiji Press said.
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