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Japan Airlines recovery to lead to its re-listing

Date Posted: 2012-06-22

Less than three years after declaring bankruptcy and a year after bouncing back to become profitable, a business publication says Japan Airlines says it is on the verge of re-listing its shares.

The respected Nikkei business daily says the airline will file its application with the Tokyo Stock Exchange this month, shooting for public stock trading by mid-to-late September. JAL filed bankruptcy in January 2010, declaring debts totaling ¥2.32 trillion. It chose to continue flying while launching a massive corporate overhaul, slashing routes and jobs.

The plan worked, with JAL declaring an annual net profit of $2.3 billion in the fiscal year just ended. Japan Airlines’ return to the Tokyo Stock Exchange would be with a value twice the ¥350 billion in public funds used during restructuring, and putting its market value at between ¥600-700 billion. Analysts say JAL is now ahead of rival All Nippon Airlines, which is currently capitalized at roughly ¥550 billion.

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