ANA seeks Y1.3t in credit amid coronavirus crisis

ANA Holdings Inc. has asked the government-affiliated Development Bank of Japan and private financial institutions to set up credit lines totaling Y1.3t, it was learned late Friday. With its revenue from passenger flight services tumbling due to a plunge in demand blamed on the coronavirus pandemic, the company aims to make sure that it can secure loans whenever a need arises through the credit lines as the fight against the new virus could take time, according to sources familiar with the matter. ANA Holdings will seek a cash line of Y1t at the DBJ and Y300b in total at major commercial banks, the sources said, adding that they will launch negotiations soon. All Nippon Airways, the core operating unit of the holding firm, is set to cancel nearly 90% of its international flights this month, at a time when Japan and other countries are strengthening entry restrictions due to the pandemic. In a separate move, ANA Holdings will work to obtain Y300b of loans from the DBJ and a total of Y100b from institutions including Sumitomo Mitsui Banking Corp.<br/>