TOKYO – Japan Airlines Inc (JAL) apologized to customers for any inconvenience news bankruptcy protection filing last Tuesday (19/1/2010).
JAL has even full-page advertising in the local media to apologize to its customers. JAL statement was issued because the preaching of airline bankruptcies was the pride of Japan has made consumers to panic. The consumers who already have tickets can not be afraid to use other loyal tersebut.Konsumen tickets worry should use other airlines. In the JAL ad says that “JAL will continue to fly” and all who have purchased tickets remain valid passenger.
“Please to keep us sure and use (as an air transport service providers) as usual,” said JAL JAL cabin crew yesterday as well to disseminate that JAL operations remain normal. Has changed the cabin crew announcement on the plane (in-flight announcements) with word – said “We were struggling to rise early.” “We will maintain the JAL group,” said JAL plane’s cabin staff during practice made an announcement to the passengers at Haneda Airport, Tokyo yesterday. Many Japanese are surprised by the filing of bankruptcy protection JAL.
Almost every newspaper in Japan reported the case of JAL on the first page. In his report, the business daily Nikkei said that the failure of JAL is a warning to other companies and the Government of Japan. “If you avoid the pain of the head in front of you, the pain is more to come some day,” said Nikkei. JAL carry more than 50 million passengers per year, receiving nearly $ 10 billion in Japanese Government funds and loans are provided darurat.Dana rehabilitation program over a three tahun.Pemerintah ask JAL Japan to emerge from bankruptcy within three years.
Minister of Land, Infrastructure, Transport, and Tourism of Japan Seiji Maehara said that state funding support through the Enterprise JAL Turnaround Initiative Corp. (ETIC). He added, ETIC will provide sufficient funds for JAL to the rehabilitation process for three years completed. However, JAL Maehara also warned to be independent after three years or the rehabilitation process is complete. If restructuring is not going well, he will submit to the fate of JAL.
Maehara added, Tokyo is considering whether Japan needs two major airlines that owned the state (JAL and All Nippon Airways / ANA). Japanese government to consider combining the two operational international routes are state-owned airlines. “The risk of volatility of the airline business is very high. We will mereviu government policy in the aviation industry,” said Maehara. Tokyo Stock Exchange (Tokyo Stock Exchange) will shortly JAL delisting of shares on February 20 next. JAL shares continued depressed state since the coverage prediction that the flight will bankrupt sticking.
Since early January, the price of JAL shares fell more than 90 percent to about four yen per lembar.100 percent stake in JAL price fell to around USD150 million, or for one Boeing 747 aircraft. However, there are traders who take advantage of market panic. Analysts predict, before the delisting of shares JAL lowest price about one yen. “There are people who trade stocks JAL, including those who want to get lucky in the last month. The risk of dilution of shares is limited to a single JAL yen,” said SMBC Friend Securities analyst Hideyuki Higashi .
Foreign Airlines JAL market scramble
Filing bankruptcy airline JAL make the United States (U.S.) want to get the market that will leave Japan the state-owned airlines. As is known, JAL will reduce the dozens of routes to cut operational costs. Potential routes and landing rights (slots) that is owned by JAL targeted foreign airlines.
Americans Airlines and Delta Air Line approach to obtain routes JAL and Japan slotBUMN airline tersebut.Kedua strategic alliance to offer cooperation in aviation operations through code sharing flights (code share). Delta, the largest airline in the world, asking for JAL to join the SkyTeam airline network.
Delta currently does not have any Japanese airline partners. Delta offers $ 1 billion of capital, including $ 500 million capital injection, guarantee USD300 million worth of income, and USD200 million funding support. Meanwhile, American Airlines offers $ 1 investment, JAL 4 billion if the network remains allied with this Oneworld.Saat British Airways and Qantas in the oneworld alliance. “This struggle for land rights market and they want to be through code-sharing cooperation for JAL’s restructuring process takes two to three years and they want to benefit from the void left by JAL,” said former Chief Operating OfficerAir New Zealand Andrew Miller.
Attraction of two U.S. carriers are supported by the open skies agreement (open sky) which Tokyo and Washington signed last month. “Apparently, the JAL flight to the United States will be replaced by Delta,” predicted the credit Shinsei Securities analyst Yasuhiro Matsumoto. However, he said, take a long time for JAL and Delta to get approval from U.S. aviation authorities. Although there is no certainty, Delta and American Airline Direct JAL announced it is ready to support the protection of the bankruptcy filing of the news published. “As more and more thin JAL, Delta will offer more flights,” said Chief Research Japan Aviation Management Research Yoshihisa Akai.
Employees and Pensioners Support
JAL has the support of employees and retirees to cut its obligation to its employees. JAL needs the support of employees and retirees of pension deductions for 331 billion yen ($ 3, 6 billion) that must be submitted at the end of March 2010.
“From 8936 the retired JAL, 5991 approved the cuts,” JAL spokesman said the information was more than resmi.Jumlah requirements that require approval JAL 2 / 3 of all pensioners before making cuts. JAL plans to cut pensions by 50 percent to 16,000 employees who are still active and 30 percent in 8936 retirees. This plan is one program that aims to restore the JAL as a profitable company for four years. “We believe the pension system changes are needed to support the restructuring JAL,” said Secretary-General of Trade Unions Japan Airlines .
Meanwhile, the three main creditor JAL, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation had agreed to the rehabilitation program proposed JAL Tokyo. “Approval of the three major Japanese banks was issued after the meeting the Minister of Land, Infrastructure, Transportation, and Tourism Japan Seiji Maehara, “Kyodo said, in a report yesterday.
