JAL outlines restructuring plan
By Shino Yuasa |
September 1, 2010, Wednesday
|
Print Edition
Print Edition
JAPAN Airlines outlined restructuring plans yesterday that include cutting 30 percent of its global work force and additional financing to keep flying after filing for bankruptcy protection in January.
Japan Airlines Corp submitted plans to the Tokyo District Court, the company said in a statement. The plans also include selling off subsidiaries and dropping unprofitable domestic and international routes.
The announcement culminates years of difficulty for Japan's flagship carrier, battered by safety lapses, ballooning pension payments and the need to streamline its flight routes amid intensifying global competition.
The plan is being orchestrated as a government-backed bailout, under a group called the Enterprise Turnaround Initiative Corp of Japan.
Some 16,000 jobs will be cut, although the reductions will be partly due to selling off subsidiaries, according to JAL.
The plan also features a 520 billion yen (US$6.2 billion) debt waiver mainly from financial institutions and a 350 billion yen investment in JAL by ETIC, the company said.
The government and JAL officials are hopeful that the plan will return the carrier to profitability.
Japan Airlines Corp submitted plans to the Tokyo District Court, the company said in a statement. The plans also include selling off subsidiaries and dropping unprofitable domestic and international routes.
The announcement culminates years of difficulty for Japan's flagship carrier, battered by safety lapses, ballooning pension payments and the need to streamline its flight routes amid intensifying global competition.
The plan is being orchestrated as a government-backed bailout, under a group called the Enterprise Turnaround Initiative Corp of Japan.
Some 16,000 jobs will be cut, although the reductions will be partly due to selling off subsidiaries, according to JAL.
The plan also features a 520 billion yen (US$6.2 billion) debt waiver mainly from financial institutions and a 350 billion yen investment in JAL by ETIC, the company said.
The government and JAL officials are hopeful that the plan will return the carrier to profitability.
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