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NYK and JAL engagement called off

NYK and JAL engagement called off

Tokyo: Leading Japanese shipping line Nippon Yusen Kaisha (NYK) today announced the summer 2009 proposed merger between its air cargo subsidiary Nippon Cargo Airlines (NCA) and the cargo division of bankrupt Japan Airlines (JAL) is now off. JAL, Asia's largest airline, announced its bankruptcy in January, crippled by US$16bn of debts. NCA, meanwhile, has been burning a hole in NYK's pockets for the past two years. A merger of the two air cargo divisions was seen last year as a way of saving costs, but JAL's debt plunge spiralled making the merger impossible. NYK said NCA would continue to uphold existing relationships such as code sharing with JAL. NYK last week announced the merger of two of its logistics units as it restructures to combat the downturn.  [02/03/10]

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