JAL's banks reject restructure plan

Creditors of Japan Airlines Corp have rejected the struggling carrier's restructuring plan and are pushing for a cut in debt waivers and details of the use of state funds, a source familiar with the matter said.
Shares in Asia's biggest airline by revenue jumped nearly 12 percent on Monday after losing more than a quarter of their value last week, as investors reckoned the fall was overdone. JAL's benchmark spreads in the credit derivatives market were at extreme levels, suggesting market players were bracing for a debt restructuring that could be deemed a "credit event" - leading to a payout on the insurance-type contracts offering protection against such restructurings.
The airline, under the supervision of a government-appointed task force, has asked banks for 300 billion yen ($3.3 billion) in debt waivers and debt-for-equity swaps, sources familiar with the matter told Reuters last week.