Japan Airlines (JAL), delisted from the Tokyo stock exchange after its bankruptcy in 2010, was set to return to Japan's biggest bourse this week after a massive overhaul and $8.5 billion (Dh31.2 billion) share sale.
The carrier is to begin trading on Wednesday following its initial public offering (IPO) - the world's second-biggest IPO this year after Facebook - marked a stunning turnaround for one of Japan's worst corporate catastrophes.
"The re-listing is a very important milestone for us and something that we had craved, but it is also just part of our bigger goal" of steady profitability, JAL president Yoshiharu Ueki told reporters last week.
"Without being carried away by the euphoria... we will make further efforts so that we respond to our new investors' expectations," he added.
JAL crashed into bankruptcy in January 2010, owing 2.3 trillion yen in one of Japan's biggest-ever corporate failures, but continued flying while it went through a rehabilitation process under court protection.
The overhauled carrier, recently touted as the world's most profitable airline, received a huge government bailout and other concessions, drawing howls of protest from rivals including All Nippon Airways (ANA).
Led by charismatic businessman Kazuo Inamori, who was brought in by the government to help turn the firm around, JAL also withdrew from unprofitable routes and sold or merged non-core businesses.
Last month, JAL pointed to its improved financial health, saying net profit in the April-June quarter more than doubled to 26.9 billion yen.
In a regulatory filing last Monday, JAL said it expected to sell 175 million new shares at 3,790 yen each - the top end of a previously announced range - resulting in proceeds of 663 billion yen.
That is nearly double the amount of public money spent to keep it afloat during the massive restructuring, with the proceeds expected to be used to pay back the government bailout.
This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times )
The parents of a nightclub worker killed in an arson fire three years ago filed a suit in the Nagoya District Court on Monday seeking damages against top members of the Yamaguchi-gumi organized crime group. (Tokyo Reporter )
Kyodo News said Monday that it has dismissed Satoshi Kondo, 51, deputy chief of its general administration bureau and former personnel affairs division chief, for meeting individually with a female student searching for a job and doing an inappropriate act.
(Jiji Press )