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JAL submits austere restructuring plan

Wed, 09/01/2010 - 02:58 by Prince damin

Tokyo -- A restructuring plan for Japan Airlines Corp. would erase 16,000 jobs and jettison 49 of the carriers routes, court papers said.

"Submitting this plan is the start of JAL's reconstruction. We will surely do our bet to proceed with this," The Japan Times quoted JAL Chairman Kazuo Inamori as telling a news conference.

The plan also includes a request for the court to waive $6.2 billion of the airline's debt.

Inamori also said he would likely resign by February 2012.

"I would like to be relieved in two years," he said.

Among the changes ahead, the plan, which requires court approval, calls for retiring a number of Boeing 747-400 and Airbus 300-600 planes and purchasing more fuel efficient models.

JAL says goodbye to Delta, sticks with American Airlines

Tue, 02/09/2010 - 17:38 by Ishita Sood

New York, February 9 -- Japan Airlines (JAL) on Tuesday said it would maintain its affiliation with American Airlines, thus refusing the overture from American Airlines' rival Delta Air Lines.

JAL files for bankruptcy reorganization

Tue, 01/19/2010 - 20:39 by Inderjit Singh

Tokyo -- Loss-ridden Japan Airlines Tuesday filed for government-backed bankruptcy reorganization that could lead to more than 15,000 job cuts.

The action is the country's biggest non-financial corporate failure, the Times of London reported.

JAL stock, whose prices have been plunging in anticipation of the filing, sold off again Tuesday, trading at pennies a share.

JAL board decided to seek bankruptcy protection while it reorganizes under state supervision, Kyodo News reported.

The carrier is to continue flying with government funding guarantees to its creditors while being restructured which may take up to three years to complete and significantly shrink the carrier.

Bankruptcy looming over Japan Airlines

Sun, 01/10/2010 - 14:42 by Jamie Anderson

Tokyo, January 10 -- Four of the largest banks to Japan Airlines Corp (9205.T) have agreed for the court-led reconstruction of Asia’s largest carrier.

Bankruptcy option mooted for Japan Airlines

Mon, 12/28/2009 - 12:57 by Jamie Anderson

Tokyo, December 28 -- Going through the bankruptcy court may well be an option for Japan Airlines Corp (9205.T) if it goes in for a state-backed turnaround fund.

JAL rescue plan in works

Mon, 11/09/2009 - 20:43 by Inderjit Singh

Tokyo -- Japan's Transportation Ministry expects to have a package ready by this week to rescue troubled Japan Airlines, Minister Seiji Maehara said.

The package is expected by Friday when the airline is scheduled to report earnings for the first half of the fiscal year ended in September.

The rescue package is being prepared on instructions from Prime Minister Yukio Hatoyama, the Kyodo news agency reported. The airline is expected to report a big group loss Friday due to the global recession that affected its international revenue, the report said.