JAL negative net worth may reach Y800 bln -source

TOKYO Oct 23 (Reuters) - Japan Airlines Corp's 9205.T liabilities would exceed its assets by as much as 800 billion yen ($8.8 billion) if the struggling airline -- Asia's largest by revenue -- were liquidated, a source familiar with the matter said.

The estimate of JAL's negative net worth, calculated by a government-led task force crafting a restructuring plan for JAL, underscores the depth of the problems facing the airline as it seeks aid from its banks and the state to avoid bankruptcy.

The task force, which is led by turnaround specialists and reports to Transport Minister Seiji Maehara, is seeking a bridge loan of about 180 billion yen by November to keep the company in operations, the source said.

The source, who spoke on condition of anonymity, has direct knowledge of the task force's discussions.

The task force is seeking 300 billion yen in fresh capital from the government and the private sector to bolster JAL's battered finances, the source said, confirming a report earlier in the week by the Nikkei newspaper.

The task force, which has already asked creditors for 250 billion yen in loan waivers and debt-for equity swaps, also plans to tap a new out-of-court debt restructuring scheme called "Alternative Dispute Resolution," according to the source.

A JAL spokesman said: "We have not decided anything. We are crafting a revival plan from various viewpoints." (Reporting by Yoshifumi Takemoto, Nobuhiro Kubo and Taro Fuse; Editing by Hugh Lawson)