Japan Airlines Corp. may cancel a plan to sell a stake in its credit card unit as it raises cash by selling securities instead, according to sources.
JAL, Asia's most indebted carrier, is considering selling at least ¥100 billion in securities, including preferred shares, to banks, petroleum and trading companies, the sources said, declining to be identified as the information isn't public.
The airline has ¥48 billion in debt coming due this year and JAL President Haruka Nishimatsu has said it needs to increase its capital. The carrier has also ordered 35 Boeing Co. 787 planes, with a value of at least $5.1 billion at list prices.
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