Large equity firm TPG appears willing to lend support to American Airlines in its efforts to prevent Delta from getting an equity stake in Oneworld Alliance carrier Japan Airlines (JAL).
Bloomberg is reporting that TPG might join forces with American to take a stake in JAL. A spokesman for American says it is premature to comment on any specific tie-up between the two companies.
"If appropriate, welcomed and invited by JAL and the Japanese government, TPG could be added as a part of a comprehensive recovery plan for JAL-again, only if deemed appropriate by the government and JAL as part of the broader solution," the spokesman says. He adds that TPG has considerable financial resources and complementary expertise in the airline sector.
A TPG spokesman says the company has "no comment" regarding the reports of its interest in JAL's restructuring.
Delta Air Lines is also reportedly pursuing a stake in JAL, which could result in JAL leaving Oneworld.
JAL posted a net loss of 99 billion yen ($1.1 billion) in the three months to June, primarily due toa decline in travel amid the economic slowdown. For the fiscal year ending in March 2010, JAL has forecast a net loss of 63 billion yen.