It now seems that the mountain of debt that is riding Japan Airlines’ shares to the ground, eased up a bit. In fact, Monday in Tokyo the company was pleased to see that its shares had rallied back up 11.9 percent. This comes after a 26 percent loss last week.

Reports have come forward that Japan Airlines’ creditors are requesting a plan with less debt forgiveness than the one that has been proposed to them. On top of this, creditors want more clarity on how the carrier will go about cutting pension obligations and where the government stands on the injection of public funds.

As of now, a task force of corporate rescue experts, which is being overseen by the Transport Minister Seiji Maehara, wants a new quasi public agency to take the majority stakes in Japan Airlines. This could help the airline to rebuild itself.

The task force also wants the banks to forgive debts for Japan Airlines of almost 250 billion yen. This is the mountain of debt that the airline has been able to stack up. Right now it would seem that many banks have rejected this offer, but the deal is still possible with creditors that do not want to push Japan Airlines into bankruptcy.

The government is supposedly going to step in at some stage and help the airline. However, they are looking for Japan Airlines to get its house in some sort of order before they will give them public funds. The airline has already offered to cut 6,800 jobs, but it appears that more cuts may have to be made.