TOKYO: Japan is likely to make a decision within the next few days on a turnaround plan for struggling carrier Japan Airlines Corp. (JAL), Finance Minister Hirohisa Fujii said Tuesday.

"Time is pressing," Fujii said at a news conference.

JAL, seeking another public bailout to keep flying, is putting together an emergency restructuring plan under the supervision of a government task force.

"The problem at the moment is a so-called capital-shortage," said Fujii, who met Transport Minister Seiji Maehara and members of the task force earlier in the day.

He said the next move for the carrier was likely to be a political decision.

The Sankei newspaper reported Sunday that a new state-backed agency may take a majority stake in JAL because creditor banks declined a request for a debt waiver of more than 250 billion yen (2.8 billion dollars).

JAL is reportedly considering selling its chain of hotels in the face of deepening losses.

JAL, which lost more than one billion dollars in the April-June quarter, announced last month plans for 6,800 job cuts, a drastic reduction in routes and a tie-up with a foreign carrier.

But the new centre-left government rejected that plan as "insufficient" and said it was not in a position to inject more government funds. The carrier has already received three government bailouts since 2001.

Kyodo News reported last week that the airline was ready to boost the number of layoffs to 9,000 as part of a more radical overhaul.