So the details of the JAL rescue plan are beginning to emerge. And it looks like the former laissez faire solution of the prior Japanese administration is being swept away in favor of a hands on solution with extensive government intervention and involvement. Clearly the banks as I have opined previously are not having the usual platitudes of the management and are demanding the Government put some real skin in the game.
Net result?
Up to 13,000 job losses - previously unthinkable. The Government is reported to appoint an oversee agency to monitor and even drive the changes at JAL.Even this may not be enough. The company is hemorrhaging cash and unable to heal itself.
There will be more to come on this one
Cheers
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