Japan Airlines, which was bailed out by the government in 2010 andremoved from the Tokyo stock market, is going to be listed again next month,likely allowing all public funds to be recouped.
JAL, which competes against All Nippon Airways in Japan, filed for one of thecountry's biggest-ever bankruptcies in January 2010, saddled with debt,unprofitable routes and a bloated workforce. It received a 350 billion yengovernment-orchestrated bailout.
The Enterprise Turnaround Initiative Corp. of Japan, the body overseeing JAL'sbailout, said Friday it will sell the 175 million shares it owns in JAL as partof the listing that is slated for Sept. 19. The value of that share sale isestimated at more than 600 billion yen ($7.6 billion), according to Kyodo Newsservice.
JAL has been aiming for a comeback by trimming routes, slashing jobs andentering the low-cost carrier business, which is still relatively new for Japanbecause of a protected airline industry. It has returned to profitabilityrecently.
JAL in the past had been battered by safety lapses and ballooning pensionobligations.