JAL bankruptcy filing expected
Source: Agencies |
January 10, 2010, Sunday
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Print Edition
Print Edition
STRUGGLING Japan Airlines Corp could file for bankruptcy as early as January 19 under a government-backed restructuring plan which includes 13,000 job cuts, reports said yesterday.
Saddled with massive losses, Asia's biggest airline is seeking a state bailout. On Friday, the government approved a court-led bankruptcy option proposed by a state-backed corporate turnaround body, the business newspaper Nikkei said, citing no sources.
With government approval, the airline, branded as JAL, could file for bankruptcy with the Tokyo District Court by January 19, it said.
A JAL spokesman declined to comment yesterday, while no transport ministry official could be reached.
The Nikkei said JAL will cut 13,000 jobs - nearly 30 percent of its work force - over the next three years and withdraw from nearly 50 routes at home and abroad.
In a bid to ease JAL's debt burden, the corporate turnaround body will ask banks to forgive 350 billion yen (US$3.8 billion) of debt owed by the troubled airline, it said.
JAL's shares continue to drop, with their closing price down nearly 12 percent on Friday to 67 yen.
Saddled with massive losses, Asia's biggest airline is seeking a state bailout. On Friday, the government approved a court-led bankruptcy option proposed by a state-backed corporate turnaround body, the business newspaper Nikkei said, citing no sources.
With government approval, the airline, branded as JAL, could file for bankruptcy with the Tokyo District Court by January 19, it said.
A JAL spokesman declined to comment yesterday, while no transport ministry official could be reached.
The Nikkei said JAL will cut 13,000 jobs - nearly 30 percent of its work force - over the next three years and withdraw from nearly 50 routes at home and abroad.
In a bid to ease JAL's debt burden, the corporate turnaround body will ask banks to forgive 350 billion yen (US$3.8 billion) of debt owed by the troubled airline, it said.
JAL's shares continue to drop, with their closing price down nearly 12 percent on Friday to 67 yen.
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