Japan Airlines is planning to raise as much as $4.7 billion to firm up its balance sheet in the face of collapsing passenger demand due to COVID 19, the company’s president told shareholders on Friday. Yuji Akasaka told attendees at the company’s annual shareholder meeting that JAL has already raised around $1.8 billion from lenders, a spokesman for the airline said. JAL’s move would follow fellow Japan carrier ANA Holdings, which has already agreed a $3.3 billion loan from the Development Bank of Japan.

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