Japan Airlines may need more money

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Friday, 02 July 2010

Japan's Japan Airlines may ask its creditor banks to waive more than JPY400 billion in debt.

Kyodo News said the carrier's negative net worth is projected to increase to nearly JPY1 trillion.

The Enterprise Turnaround Initiative Corporation of Japan, the state-backed turnaround fund, may be asked to increase its capital contribution from the initial plan of JPY300 billion.