ANA Holdings Asks for 500-B.-Yen Financial Aid

Economy

Tokyo, Aug. 13 (Jiji Press)--ANA Holdings Inc. <9202> has asked the government-backed Development Bank of Japan and three Japanese megabank lenders for financial assistance totaling about 500 billion yen, informed sources said Thursday.

The parent of All Nippon Airways hopes to strengthen its financial base through subordinated loans amid a business slump due to the spread of the novel coronavirus, the sources said.

Subordinated loans have a lower repayment priority than normal loans. Part of the subordinated loans can be treated as capital.

ANA Holdings has entered talks with financial institutions including the DBJ, MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank, seeking to procure 400 billion to 500 billion yen in financial assistance.

The holding company posted a record quarterly consolidated net loss of 108.8 billion yen for April-June due to a plunge in travel demand.

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Jiji Press