Delta Ties the Knot with JAL

[ACL65PILOT]

UAL is not being parted out . Care to make a wager on that? I know a good escrow agent.

Hope you are correct.

 

[Dumb Pilot]

• New CEO named for Japan Airlines

Tokyo, JAPAN - Japanese tycoon Kazuo Inamori was named as the next chief executive officer of Japan Airlines Corp. after the carrier completed a 90 percent, two-day stock plunge on speculation it will file for bankruptcy.

“I’m a total novice when it comes to the transportation industry,” Inamori, the 77-year-old founder of electronics company Kyocera Corp., told reporters yesterday in Tokyo. “I’ve decided to accept because the government and the turnaround body want to prevent JAL’s failure by any means.”

Inamori, Japan’s 28th richest man according to Forbes and a Buddhist priest, takes on the challenge of overhauling a carrier that has posted three losses in four years on slumping travel demand.

 

[AnimalTale]

• New CEO named for Japan Airlines

Tokyo, JAPAN
“I’m a total novice when it comes to the transportation industry,” Inamori, the 77-year-old founder of electronics company Kyocera Corp., told reporters yesterday in Tokyo. “I’ve decided to accept because the government and the turnaround body want to prevent JAL’s failure by any means.”

I think NWA helped start up JAL in the early days?? If I am correct, then there is no surprise with JAL's choice.

CYA

 

[Dumb Pilot]

I think NWA helped start up JAL in the early days?? If I am correct, then there is no surprise with JAL's choice.

CYA

The choice of Inamori-san to head the JAL group is a sign that the government want to finally conduct JAL as a business and not only as source of employment and a flag carrier. I think that this management group is making decisions based on a sound business recovery plan and not on sentiments of yesteryear

 

[RJAA]

Inamori is 77. Good luck with that.

 

[RJAA]

Duplicate

 

[General Lee]

Factbox: JAL restructuring plan under state-backed fund

TOKYO
Tue Jan 19, 2010 5:05am EST
TOKYO (Reuters) - Japan Airlines Corp has filed for bankruptcy and will be restructured with the help of a state-backed turnaround fund, the Enterprise Turnaround Initiative Corp of Japan (ETIC).

Following are the key figures and measures in the fund's revival plan. This includes information from the ETIC's statement and a document provided by the government.

FINANCIAL AND OPERATIONAL POSITION

The ETIC said JAL companies are carrying about 780 billion yen ($8.6 billion) of interest-bearing debt, excessive relative to its earnings capacity. It said the carrier is operating too many routes and aircraft, and that management has been unable to take decisive action, resulting in excessive fixed costs.

FINANCIAL AID

The ETIC said it and the state-owned Development Bank of Japan would provide JAL with 600 billion yen in debtor-in-possession financing to ensure it can maintain operations. Following its decision to acquire JAL debt, it would inject 300 billion yen of capital into JAL.

The ETIC said JAL companies are expected to receive 730 billion yen worth of debt forgiveness.

JOB, ROUTE CUTS

JAL will cut its group workforce to 36,201 by fiscal year 2012 from 51,862 in fiscal year 2009.

The carrier will reduce the number of domestic routes to 119 from 136 and the number of international routes to 79 from 93.

FLEET STRATEGY

JAL will retire aging and less fuel-efficient aircraft and introduce smaller and more advanced planes.

It said it would retire all 37 of its Boeing 747-400 planes and all 16 of its McDonnell Douglas MD-90 aircraft. At the same time JAL will introduce 50 small and regional jets.

SHAREHOLDERS

The ETIC said it intends to implement measures to hold shareholders accountable, including a 100 percent reduction of capital. It said the final decision on that matter, however, would be made in a forthcoming revival plan.

The Tokyo Stock Exchange said it would delist JAL's shares on February 20.

PROFIT, SALES TARGETS

JAL's sales are expected to come to 1.36 trillion yen in the year to March 2013, a drop of 30 percent against the 1.95 trillion yen booked in the year ended March 2009.

Its operating profit is expected to recover to 115.7 billion yen in the year to March 2013 from an expected loss of 265 billion yen in the current business year to March 2010.




Interesting....??? How about they trade us the 37 744s for Comair? Deal.


Bye Bye--General Lee

 

[Mr.B]

Factbox: JAL restructuring plan under state-backed fund

TOKYO
Tue Jan 19, 2010 5:05am EST
TOKYO (Reuters) - Japan Airlines Corp has filed for bankruptcy and will be restructured with the help of a state-backed turnaround fund, the Enterprise Turnaround Initiative Corp of Japan (ETIC).

Following are the key figures and measures in the fund's revival plan. This includes information from the ETIC's statement and a document provided by the government.

FINANCIAL AND OPERATIONAL POSITION

The ETIC said JAL companies are carrying about 780 billion yen ($8.6 billion) of interest-bearing debt, excessive relative to its earnings capacity. It said the carrier is operating too many routes and aircraft, and that management has been unable to take decisive action, resulting in excessive fixed costs.

FINANCIAL AID

The ETIC said it and the state-owned Development Bank of Japan would provide JAL with 600 billion yen in debtor-in-possession financing to ensure it can maintain operations. Following its decision to acquire JAL debt, it would inject 300 billion yen of capital into JAL.

The ETIC said JAL companies are expected to receive 730 billion yen worth of debt forgiveness.

JOB, ROUTE CUTS

JAL will cut its group workforce to 36,201 by fiscal year 2012 from 51,862 in fiscal year 2009.

The carrier will reduce the number of domestic routes to 119 from 136 and the number of international routes to 79 from 93.

FLEET STRATEGY

JAL will retire aging and less fuel-efficient aircraft and introduce smaller and more advanced planes.

It said it would retire all 37 of its Boeing 747-400 planes and all 16 of its McDonnell Douglas MD-90 aircraft. At the same time JAL will introduce 50 small and regional jets.

SHAREHOLDERS

The ETIC said it intends to implement measures to hold shareholders accountable, including a 100 percent reduction of capital. It said the final decision on that matter, however, would be made in a forthcoming revival plan.

The Tokyo Stock Exchange said it would delist JAL's shares on February 20.

PROFIT, SALES TARGETS

JAL's sales are expected to come to 1.36 trillion yen in the year to March 2013, a drop of 30 percent against the 1.95 trillion yen booked in the year ended March 2009.

Its operating profit is expected to recover to 115.7 billion yen in the year to March 2013 from an expected loss of 265 billion yen in the current business year to March 2010.




Interesting....??? How about they trade us the 37 744s for Comair? Deal.


Bye Bye--General Lee

Looks like all you'll get is a codeshare.....maybe

 

[Rez O. Lewshun]

That could be more flying for NWA/DAL. Curious DAL hasn't furloughed... JAL going to skyteam might be a good thing for DAL pilot staffing.

Since JAL is shrinking, is there market share to take? If so, whom? more for oneworld, Star, and/or Skyteam? Growth for US carriers?

If growth for STAR will it go to ANA and not UAL?

Regardless, if JAL goes to Skyteam, it will radically shake up the global market share and the players. I would imagine AMR would pay a heavy price.

 

[Full of LUV]

Older is better in these situations....

Inamori is 77. Good luck with that.

I think DAL's BK CEO was in his late 70's, brought out of a comfortable Warehouser retirement, in fact I heard he even commuted from SEA to run DAL through the BK process.

These old timers work best in these situations because they have no other motivation other than a legacy of success. They have no career aspirations so they are willing to say and play it like it is, not afraid to step on unions toes or ruffle the board's feathers.

Neither needs the job, they just do it for the same reasons the over 60 pilots do, because they can.....