New investors also are being sought to recapitalize JAL. One is likely to be a U.S. carrier that will take a minority stake in JAL. American, JAL's current partner, is trying to prevent JAL's defection to Delta. Delta officials will not publicly acknowledge their interest in JAL but have hired outside financial advisers and lobbyists in both countries to help structure and promote their bid.

American Airlines (AMR) officials say a decision is likely in the next couple of weeks.

Will Ris, American's senior vice president of government affairs, said Tuesday that because Delta already has a bigger hub presence at Tokyo's Narita Airport than JAL does, U.S. antitrust regulators are unlikely to allow the airlines effectively to merge their U.S-Asia operations. Government officials have not commented on that issue.

The Japanese government is keen to negotiate an Open Skies deal only if the U.S. grants antitrust immunity to JAL's and All Nippon Airways' partnerships with U.S. carriers. All Nippon's partner is United, and it is a member of the Star Alliance, which includes Continental and US Airways.

American can only fly to Tokyo from four U.S. airports: New York, Chicago, Dallas/Fort Worth and Los Angeles. But Delta and United have historic and unusual rights to not only fly passengers to Japan from a number of U.S. cities, but to also carry them and any local passengers it picks up in Japan to destinations throughout Asia.

Ris says losing JAL likely will cause American to drop some, or even all of its service to Japan.