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Cut in debt waiver demanded
Creditors of Japan Airlines (JAL) have rejected its €4.5bn (Y600bn) rescue plan.
They have rejected the scheme under which banks would grant the struggling airline up to €2.25bm (Y300bn) in debt waivers or debt for equity swaps, Reuters said.
JAL's main creditor is the state-owned Development Bank of Japan with others including the Mizuho Corporate Bank, the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation.
The creditors have now called on the airline, the largest in Asia ion terms of revenue, to draw up another re-structuring plan.
This plan was drawn up after the new Democratic Party Government in Japan rejected its original scheme.
The second plan, now also to be re-drawn, included plans for 9,000 redundancies, the axing of 50 long haul flights and a pay and pensions freeze.
The second plan included the possibility that the airline's president Haruka Nishimatsu might stand down, Reuters said.
The country's new transport minister Seiji Maehara met executives from JAL earlier this month, among them Mr Nishimatsu.
Following the meeting, at which the airline asked for public aid, Mr Maehara set up a special group to put a rescue plan together.
This is the one that has now been rejected.
JAL received a loan of $1.1bn earlier this year to help it with its deficit from the previous Japanese government.
It has also been in talks - now on hold - with two US carriers, Delta Air Lines and American Airlines, a fellow member of the oneworld alliance about a possible cash injection of $300m.
JAL lost $692m last year and announced a $1bn loss for the quarter to June this year.
It is heading for a deficit of $700m for the financial year ending next March.
www.jal.com www.aa.com www.delta.com