- Joined
- Jan 3, 2009
- Messages
- 2,605
- Points
- 0
JAL shares down 81% Wednesday amid feared bankruptcy(update2)
TOKYO: Shares in Japan Airlines Corp. nosedived 81 percent to just 7 yen Wednesday as the money-losing airline was expected to file for bankruptcy protection as early as next week.
Investors dumped JAL shares Wednesday, with the stock dropping 30 yen - the maximum one-day decline allowed in JAL's stock - from Tuesday's finish of 37 yen.
The Nikkei 225 stock average lost 0.9 percent to 10,781.92 in the morning session.
Japan's top business daily Nikkei and the major daily Ashai said Asia's biggest airline was expected to file for bankruptcy protection as early as Jan. 19 with its shares to be delisted.
"The reports that JAL shares are to be delisted spooked investors. Investors continued to sell its shares because they could well become just worthless," said Yutaka Shiraki, senior strategist at Mitsubishi UFJ Securities Co. Ltd.
Kazuho Inamori, founder of electronics component maker Kyocera Corp., is reportedly expected to head JAL during the restructuring.
A Kyocera spokeswoman said Inamori is to meet Wednesday with officials from the state-backed corporate turnaround body responsible for JAL's restructuring.
TOKYO: Shares in Japan Airlines Corp. nosedived 81 percent to just 7 yen Wednesday as the money-losing airline was expected to file for bankruptcy protection as early as next week.
Investors dumped JAL shares Wednesday, with the stock dropping 30 yen - the maximum one-day decline allowed in JAL's stock - from Tuesday's finish of 37 yen.
The Nikkei 225 stock average lost 0.9 percent to 10,781.92 in the morning session.
Japan's top business daily Nikkei and the major daily Ashai said Asia's biggest airline was expected to file for bankruptcy protection as early as Jan. 19 with its shares to be delisted.
"The reports that JAL shares are to be delisted spooked investors. Investors continued to sell its shares because they could well become just worthless," said Yutaka Shiraki, senior strategist at Mitsubishi UFJ Securities Co. Ltd.
Kazuho Inamori, founder of electronics component maker Kyocera Corp., is reportedly expected to head JAL during the restructuring.
A Kyocera spokeswoman said Inamori is to meet Wednesday with officials from the state-backed corporate turnaround body responsible for JAL's restructuring.
