Japan's ANA airline secures $3.8 bn loan as Covid-19 travel slump bites

This is the first major subordinated loan package agreed in Japan since the beginning of the pandemic.

Japan's biggest airline ANA Holdings Inc 9202.T has secured $3.8 billion in subordinated loans to bolster funds it needs to survive a slump in air travel caused by Covid-19 travel restrictions, three people with knowledge of the deal said.

While ANA has seen some rebound in domestic flight demand, helped by a government travel campaign, bookings remain below last year’s levels, with international air traffic still only a fraction of what it was before the pandemic.

That means ANA like other carriers is burning through cash to maintain jets that are either grounded or flying with too few passengers. In