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Japan Airlines riding high on Tokyo bourse relisting

Published on Sep 19, 2012 11:02 AM
Japan Airlines (JAL) was to begin trading again on the Tokyo Stock Exchange on Wednesday, less than three years after being delisted from the bourse in one of the nation's worst corporate failures. -- FILE PHOTO: REUTERS

TOKYO (AFP) - Japan Airlines (JAL) marked a spectacular return from bankruptcy when its shares took off after relisting in Tokyo on Wednesday, three years after it became one of the nation's worst ever failures.

The carrier jumped to 3,905 yen, up 3.03 per cent on the offer price, in early trade following an offering that raised around $8.5 billion, the second biggest in the world this year after Facebook.

It lost a little altitude as the morning went on, but remained at a premium to the offering.

JAL's rebirth marked a stunning turnaround for the airline after it crashed into insolvency, owing 2.3 trillion yen (S$35.9 billion), one of Japan Inc's most costly corporate meltdowns.

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