* Could face 100 bln yen payment on derivatives -Yomiuri

* JAL: does not expect to have to settle contracts

* JAL gains approval for debt moratorium at creditor meeting

* CDS up above 2,200 bps to distressed levels

* Shares drop 3 pct to record closing low of 95 yen

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By Nobuhiro Kubo and Yoshifumi Takemoto

TOKYO, Nov 20 (Reuters) - Japan Airlines Corp (9205.T: Quote, Profile, Research) may have to pay about 100 billion yen ($1.1 billion) to settle derivatives transactions, a newspaper said on Friday, sending the struggling carrier's shares down 3 percent to a record closing low.

JAL denied the report in the Yomiuri newspaper, which said it may have to settle 100 billion yen on hedging contracts against fluctuations in fuel prices, currencies and interest rates because it has requested a freezing of payments to creditors.