Word: nishimatsu
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...domestic routes. JAL's shares - which hit an all-time low of 3 yen Tuesday afternoon from a high of 213 last March - will also be delisted from the Tokyo Stock Exchange. Kazuo Inamori, founder of technology company Kyocera, is expected to take over from JAL's president Haruka Nishimatsu, who resigned on Tuesday...
...airline also plans to cut 14% of the workforce (about 6,800 jobs) over the next three years and to suspend or reduce tens of international and domestic routes. That's not enough, however. JAL reportedly needs more than $1 billion just to continue services into next year. So Nishimatsu has been forced to go hat in hand to the government seeking help to meet its financial needs of up to $3 billion in emergency capital. (See pictures of how Japan has changed in 20 years...
...largest airline by revenue. Beset by a steady erosion of its customer base, high cost structures and a $15.4 billion debt load, JAL lost about $1 billion last quarter and projects a loss of about $700 million for this fiscal year. With nowhere else to turn, JAL CEO Haruka Nishimatsu this week met with Transport Minister Seiji Maehara to discuss a government bailout, inviting unflattering comparisons between the Japanese airline and American carmaker...
...radical corporate makeover, which some have suggested could include forced sale of some assets (as GM was forced to do to get bailed out by Washington), is JAL's possible fate. On Sept. 25, following Nishimatsu's visit to the Transport Ministry, the government announced that a five-member task force will help formulate a restructuring plan, to be finalized by the end of November. Relative to other carriers, JAL has a high portion of revenues coming from non-flying businesses and potential spinoffs could target freight operations and less profitable operations. JAL is also being wooed by foreign carriers...
...ozawa's support in the polls when compared with Japan's Prime Minister Taro Aso - the third lackluster holder of that office since Junichiro Koizumi resigned in 2006 - the dim view taken of his alleged role in the Nishimatsu scandal illuminates the paradox of Ozawa's place in Japanese politics. He is at one and the same time the single most radical critic of the Japanese postwar political establishment (it was his decision to bolt the LDP in 1993 that led to its only period out of office) and a supreme exemplar...