AP News

News Summary: Japan Airlines sets share range


TAKING FLIGHT: Japan Airlines, which was bailed out by the government and removed from the Tokyo stock market, has set the indicative price range for a relisting that is expected to be the second biggest share sale this year after Facebook's $16 billion initial public offering.

NEW ROUTE: Japan's once-proud flagship carrier, which competes against All Nippon Airways at home, filed for one of the country's biggest-ever bankruptcies in January 2010, receiving a 350 billion yen government-orchestrated bailout. The carrier has since trimmed routes, cut more than a third of its payroll, and entered the low-cost carrier business. It recently returned to profitability.

TICKET TO RIDE: The shares will be priced between 3,500 yen and 3,790 yen ($44.51 and $48.20) each, JAL said. That would put the value of the 175 million shares to be sold next month at up to (663 billion yen) $8.44 billion.


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