Japan eyes $5 b credit line as JAL nears bankruptcy

The government also effectively clinched consent from JAL’s key commercial creditor banks to support the airline’s turnaround efforts after it files for bankruptcy protection, in a major boost after the company’s shares were dumped in a massive sell-off.

Further, JAL announced it had narrowly succeeded in securing approval from over two-thirds of its retirees for drastic cuts in pension benefits, clearing a key hurdle for the cash-strapped carrier to qualify for access to public funds.