Japan Airlines seeks $2.8 billion from lenders

Japanese news agency, NHK, reports that Japan Airlines is seeking $2.8 billion in funding to help weather the coronavirus crisis. As airlines across the globe struggle, many have sought financial aid to enable them to survive the pandemic.

Japan Airlines Airbus A350. Photo by Ernest Leung │ AeroNewsX

Mitsubishi UFJ Financial Group and Mizuho Financial Group are among the lenders that Japan Airlines has turned to for financial support according to NHK sources. The airline is also examining the possibility of turning to the Development Bank of Japan (DBJ) for emergency funding.

Japan Bank for International Cooperation is also expected to be part of the talks for financial aid, according to nippon.com.

The government has expressed interest in helping its two major airlines, despite them being privately owned, as well as the Japanese aviation industry as a whole. However, the country has yet to specify how much such financial aid would total.

Last week we reported on Japan Airlines' network cuts which saw international capacity being slashed by 94% for the month of May. As for ANA, between today and 15 May, international capacity will be down 90%.

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