Originally Posted by
JALPak
Share allocation: ETIC 100%* (capital increase provided entirely by ETIC)
*Note: Under the terms off the business revitalization plan, in addition to a planned capital increase by ETIC, subject to court approval the corporate trustee is able to issue new shares through a third party capital increase. In the event of any such third party capital increase the percentage of issued and outstanding shares held by ETIC would reduce in accordance with the number of shares issued to the third party.
Just as I had predicted. There's even no more direct talk of an IPO. Just of a partial share issue to a so-called third party, that can step in to suck the company dry (especially its newly infused cash, 175 BN coming from a new
public debt issue which will
not be shared with other investors).
Given the dire state of the airline, I'ld be really be surprised if any of the investment banks or P.E. funds were to step in, notwithstanding the fresh cash that's up for grabs.
My guess would rather be either one of the national keiretsu holdings, or a consortium led by AA...
Just to make clear who's really in charge now.
Also, imho the whole new LCC project is really perverse. JAL has had its chance, for many many years it has been able to fend off any new competition in the Japanese air services market (e.g. the JAS debacle).
Time for JAL to hand back some slots and allow some really new (and really low cost and really innovative) players to compete; preferably in a level playing market and operations field.
Any news about the new JAL order for
65 new Boeing airliners??
And what about the earlier announced structural changes? E.g. regulatory overhaul of market-impeding restrictions on pricing, distribution, service fees, airport charges, slot allocation, etc.??
.