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.
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