Monday, February 01, 2010

DTN News: JAL Says Still Neutral On Delta Or American Tie-Up ~ Financial News

DTN News: JAL Says Still Neutral On Delta Or American Tie-Up ~ Financial News * JAL wants to make decision on Delta/American soon-president
* New management's first briefing since bankruptcy filing
*Source: DTN News / Reuters (NSI News Source Info) TOKYO, Japan - February 1, 2010: The new president of Japan Airlines Corp (9205.T) said the bankrupt carrier has not yet decided whether to stick with partner American Airlines (AMR.N) or defect to Delta Air Lines (DAL.N) and its SkyTeam group. "We are still neutral," Masaru Onishi, also the carrier's new chief operating officer, told a news conference on Monday, a little less than two weeks after it filed for bankruptcy. Onishi is part of a new management team led by chief executive Kazuo Inamori, the 77-year-old founder of electronics maker Kyocera Corp (6971.T). One of the new management's first major decisions will be whether to stay with Oneworld alliance partner American Airlines (AMR.N) or switch to rival Delta. Both U.S. carriers have been wooing JAL aggressively with offers of financial aid. JAL, Asia's largest carrier by revenues, filed for bankruptcy protection last month with about $25 billion in debt, and vowed to slash about a third of its work force and cut unprofitable routes as part of a state-supported restructuring plan. Some Japanese media had previously reported that JAL had already made a decision to end its alliance with American and join hands with Delta.
(Reporting by Nobuhiro Kubo; Editing by Michael Watson)

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