Word: billion
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Dates: during 2010-2019
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Months of speculation came to an end on Tuesday afternoon as Japan Airlines (JAL), the country's 59-year-old flagship carrier that once symbolized the strength of Japan Inc., filed for bankruptcy with two of its subsidiaries. Weighted by debts estimated at $25.6 billion (2.3 trillion yen), Japan Airlines Corp., Japan Airlines International and JAL Capital made history today as what is perhaps Japan's largest nonfinancial corporate failure. With a long record of unprofitable earnings, the airline has taken a hit from weak travel demand after SARS and H1N1, fuel surcharges and the global recession...
...will receive an investment of about 300 billion yen ($3.3 billion) from the ETIC, which the flailing airline approached in October, in addition to hundreds of billions of yen in debt waivers from its main lenders. In addition, the ETIC and the state-backed Development Bank of Japan will extend JAL a credit line of more than $3.5 billion. Key measures of the restructuring plan include cutting more than 15,000 jobs, or about 30% of its workforce, by the end of 2013, paring down to about half of its 110 group firms, and slashing unprofitable international and domestic routes...
...approval, takes an offer from overseas. Both American Airlines and Delta Air Lines have been courting JAL for months in a bid to expand their Asia networks. American, as a partner to JAL through the Oneworld alliance, and its private equity partner are willing to offer JAL $1.4 billion. Delta, the world's largest airline operator, has offered $1 billion. JAL aimed to make the decision between American or Delta by the end of the month, but Transport Minister Maehara has said the decision will be delayed. Neither airline will be allowed to invest in JAL until new management...
...However, resistance, as it's now finding, is hard to maintain. Ending months of hostility, the firm announced on Tuesday, Jan. 19, it had approved a revised takeover bid from U.S. food giant Kraft. Linking Cadbury's Dairy Milk chocolate to Kraft's Philadelphia cream cheese in a $19.5 billion deal, Cadbury chairman Roger Carr said cheerfully in a statement, amounted to "good value for Cadbury shareholders...
...Analysts say the timing of Monday's attack was also key, as it came at a particularly vulnerable moment for Karzai. In an attempt to turn the tide in the fight against the Taliban, he is expected to unveil a new plan next week in London to offer $1 billion in incentives - including jobs, education programs and other social benefits - to fighters to encourage them to come over to the government's side. Chellaney says the attack "makes a mockery of the plan...