Sullivan & Cromwell and Japanese law firm Nagashima Ohno & Tsunematsu are advising Japan Airlines Co. on an $8.5 billion initial public offering on the Tokyo Stock Exchange.
Japan Airlines is relisting its shares after $30 billion bankruptcy in 2010. The airline was subsequently bailed out by the Japanese government acting through the Enterprise Turnaround Initiative Corp. of Japan (ETIC).
The government is hoping to recoup its funds through the IPO. ETIC will sell 175 million shares at $48 apiece, according to the issuer’s filing with the stock exchange. If successful, the IPO will be the world’s second-largest this year, following Facebook Inc.’s $16 billion Nasdaq offering in May. 
Sullivan & Cromwell Tokyo partner Izumi Akai is advising Japan Airlines on global aspects of its offering while Nagashima Ohno is acting as Japanese counsel.
Simpson Thacher & Bartlett and Anderson Mori & Tomotsune are advising the underwriters — Daiwa Securities Co., Nomura Securities Co., Mizuho Securities Co., Merrill Lynch International and Morgan Stanley & Co. International Plc.