American Airlines and its Fort Worth equity partner, TPG, have offered to invest $1.1 billion in the struggling Japan Airlines.
The Fort Worth-based carrier said its investment proposal, which was formally made to JAL and Japanese government officials this week, is "far superior" to a $1 billion offer made by Delta Air Lines and its SkyTeam partners.
Speaking in Tokyo Thursday afternoon, American’s chief financial officer Tom Horton said JAL also could gain an additional $700 million in new revenues over the next 10 years if it stayed with American’s Oneworld alliance and applied for an anti-trust immunity joint venture with American.
"American and oneworld have a lot invested in JAL’s success, and we are prepared to do more to ensure a successful partnership for the long-term," Horton said.
However, Horton declined to reveal any details of the $1.1 billion "direct capital investment" and would not say how much of the funds would be provided by American, its Oneworld partners or by TPG. Horton did say that American and TPG would only seek board or management positions in a restructured JAL if it was invited to do so by the Japanese government.
JAL has lost hundreds of millions of dollars this year and is seeking government loans as it cuts routes and tries to restructure the airline.
Read more at Star-Telegram.com
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