AP:
American, partners offer $1.1 billion to JAL
Airline in tug-of-war with Delta over Japanese carrier
TOKYO - American Airlines upped the ante in the tug-of-war over Japan Airlines, vowing Thursday to lead a $1.1 billion investment in the struggling carrier to prevent it from falling into the orbit of rival Delta.
American's chief financial officer, Tom Horton, told reporters that the offer is "far superior" to the $1 billion rival proposal from Delta Air Lines and its SkyTeam partners.
He refused to describe the composition of the offer, or say how much of the money would come from American. But he said the proposal by American, its oneworld partners and private equity firm TPG Inc. is part of a larger restructuring plan to get JAL back on solid footing. [Article]
Bookmarks