Oct. 30 (Bloomberg) -- Japan Transport Minister Seiji Maehara will head a new team overseeing the restructuring of Japan Airlines Corp. as the carrier seeks a fourth state bailout since 2001.

Officials from departments including the Finance Ministry, Justice Ministry and the Cabinet Office will also be in the group, Maehara told reporters in Tokyo. The first meeting will be held later today.

“We formed the team to do the utmost to ensure smooth operations during the reorganization,” Maehara said. “We will look at every angle in cooperation with the ministries.”

JAL yesterday applied for funds from the state-affiliated Enterprise Turnaround Initiative Corp. as it heads for a fourth loss in five years on plunging international travel. A government-appointed taskforce yesterday submitted a proposed restructuring plan that will act as a reference for the ETIC.

The carrier rose 1.7 percent to 117 yen as of the morning close of trading in Tokyo.

To contact the reporters on this story: Takashi Hirokawa in Tokyo at thirokawa@bloomberg.net; Chris Cooper in Tokyo at ccooper1@bloomberg.net

Last Updated: October 29, 2009 23:22 EDT