The Japanese government plans to put a state-backed turnaround body in charge of the overhaul of Japan Airlines, underlining the government’s deeper involvement in the process, according to the Nikkei business daily, reports Reuters. JAL’s liabilities would exceed its assets by as much as $8.8bn if it were liquidated, a source close to the matter has said, indicating the depth of the problem facing the airline as it seeks aid from banks and the state to avoid bankruptcy.

This entry was posted by Gwen Robinson on Monday, October 26th, 2009 at 4:17 and is filed under Capital markets. Tagged with JAL. Edit this entry.