TOKYO (Dow Jones)--Japan Airlines Corp. said Friday that it will sell a 79.6% stake in its hotel business subsidiary by the end of September to Hotel Okura Co. as it is pushes ahead with its restructuring to focus on its airline business.
JAL, which currently holds a 90.7% stake in JAL Hotels Co through its wholly-owned subsidiary Japan Airlines International Co., declined to disclose the value of the share sale.
The carrier, which filed for bankruptcy protection in January, will retain its remaining 11.1% stake in JAL Hotels which operates 40 hotels in Japan and 18 hotels overseas.
The deal comes as JAL is drafting its latest restructuring plan that it plans to submit to the Tokyo District Court by the end of August.
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