Market Commentary and Intraday News
Japan Airlines sets price range for share sale
292 days ago
(AP:TOKYO) Japan Airlines, which was bailed out by the government in 2010 and removed from the Tokyo stock market, has set the price range for its relisting next month.
JAL said Thursday that the shares will be priced between 3,500 yen and 3,790 yen ($44.51 and $48.20) each. That would put the value of the share listing at up to (663 billion yen) $8.44 billion.
JAL, which competes against All Nippon Airways in Japan, filed for one of the country's biggest-ever bankruptcies in January 2010, saddled with debt, unprofitable routes and a bloated workforce. It received a 350 billion yen government-orchestrated bailout.
The carrier has been trimming routes, slashing jobs and entering the low-cost carrier business and recently returned to profitability.
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