JAL to sell majority of stake in hotel chain

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Japan Airlines (JAL) will sell a 79.6% stake in its hotel chain subsidiary JAL Hotels (JHC) to Hotel Okura, as the carrier embarks on a financial restructuring plan.

With the sale, JAL will retain an 11.1% stake in JHC through its subsidiary Japan Airlines International, says the carrier.

The stock transfer will be completed in end-September, it adds.

The airline filed for bankruptcy protection in January after incurring heavy losses, and has received a government bailout. It has pledged to cut workforce numbers, drop unprofitable routes and sell off non-core assets.