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ETIC:JAL debt cut includes Y350 bln bank debt waiver

Tue Jan 19, 2010 7:14am EST

TOKYO, Jan 19 (Reuters) - A state-backed turnaround fund said on Tuesday that Japan Airlines Corp's 9205.T 730 billion yen ($8.1 billion) in debt cuts includes about 350 billion yen in debt forgiveness from banks.

The Enterprise Turnaround Initiative Corp of Japan (ETIC) also said the debt reduction includes 55 billion yen in bonds and 65 billion yen in derivatives.

JAL and its two subsidiaries filed on Tuesday for bankruptcy protection with a combined $25 billion in debt, marking the fourth-largest corporate failure in Japanese history.



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