The Hellenic Navy (HN) (Greek: Πολεμικό Ναυτικό, Polemikó Naftikó, abbreviated ΠΝ) is the naval force of Greece, part of the Greek Armed Forces. The modern Greek navy has its roots in the naval forces of various Aegean Islands, which fought in the Greek War of Independence. During the periods of monarchy (1833–1924 and 1936–1973) it was known as the Royal Navy (Βασιλικόν Ναυτικόν, Vasilikón Naftikón, abbreviated ΒΝ).The total displacement of all the navy's vessels is approximately 150,000 tons.The motto of the Hellenic Navy is "Μέγα το της Θαλάσσης Κράτος" from Thucydides' account of Pericles' oration on the eve of the Peloponnesian War. This has been roughly translated as "Great is the country that controls the sea". The Hellenic Navy's emblem consists of an anchor in front of a crossed Christian cross and trident, with the cross symbolizing Greek Orthodoxy, and the trident symbolizing Poseidon, the god of the sea in Greek mythology. Pericles' words are written across the top of the emblem. "The navy, as it represents a necessary weapon for Greece, should only be created for war and aim to victory."...............The Hellenic Merchant Marine refers to the Merchant Marine of Greece, engaged in commerce and transportation of goods and services universally. It consists of the merchant vessels owned by Greek civilians, flying either the Greek flag or a flag of convenience. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and a key element of Greek economic activity since the ancient times. Nowadays, Greece has the largest merchant fleet in the world, which is the second largest contributor to the national economy after tourism and forms the backbone of world shipping. The Greek fleet flies a variety of flags, however some Greek shipowners gradually return to Greece following the changes to the legislative framework governing their operations and the improvement of infrastructure.Blogger Tips and Tricks
This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς....This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς.........

Saturday, January 23, 2010

Japan Air Lines in cash shortfall..[ 582 ]

The Mainichi Daily News

Jal faced 10 billion Yen cash shortfall by end of January, without support

(Mainichi Japan) January 23, 2010

Japan Airlines (JAL) would have racked up a cash shortfall of nearly 10 billion yen by Jan. 28 had a restructuring plan not been approved earlier this month, according to documents filed by the airline with the Tokyo District Court.

JAL filed for bankruptcy protection under the Corporate Rehabilitation Law on Jan. 19 after the government, the airline's creditors and other stakeholders agreed to a restructuring plan under the state-backed Enterprise Turnaround Initiative Corp. of Japan (ETIC). The decision now appears to have been rushed to prevent new fundraising for the airline from drying up in the face of looming payments to JAL partners totaling just under 100 billion yen, plus security payments needed to keep doing business.

After applying for restructuring under the direction of ETIC in late October, JAL received 55 billion yen in financing from the Development Bank of Japan (DBJ) through December, with a further 145 billion in bridge financing on Jan 15. However, the airline was required to pay some 96.4 billion yen to business partners by Jan. 28, while it also faced ballooning security deposits required to make new deals -- costs the DBJ bridge loans were not sufficient to cover.

"There is a very high risk a nearly 10 billion yen funding shortfall will result on Jan. 28," the JAL documents conclude.

Debt-rating houses have been downgrading JAL paper since last spring, while confidence in the flag carrier plummeted when it emerged it may be legally liquidated -- similar to Chapter 11 bankruptcy in the United States. As the future of JAL grew darker, especially foreign business partners began demanding greater security deposits on vital materials such as fuel before agreeing to sell to the airline, striking a direct blow to fundraising efforts.

Since ETIC proposed JAL file for protection under the Corporate Rehabilitation Law as a condition for support, JAL eventually concluded that "no ETIC support will be provided and (JAL) will be unable to raise funds. Repayment dates (on corporate bonds and other debt) will arrive simultaneously, and further fundraising will fail." On Jan. 19, three JAL group companies filed for bankruptcy protection under the Corporate Rehabilitation Law at about the same time as ETIC formally decided to provide support for the airline, providing some 600 billion yen in financing together with the DBJ for JAL's restructuring.

JAL plans to reduce staff and cut money-losing routes, and aims to complete restructuring within three years. A detailed restructuring plan is scheduled for official release by the end of August this year.

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