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JAL files for bankruptcy
19 January 2010
After several weeks of speculation, Japanese Airlines files for bankruptcy protection on Tuesday.
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[JAL]
[Japan]
[Bankruptcy]
Japanese Airlines (JAL) has filed for restructuring with the Tokyo District Court today according to The Wall Street Journal. State-owned bank, the Enterprise Turnaround Initiative Corporation of Japan will support the carrier’s restructuring, with a capital injection of $3.3 billion.
JAL has said that the airline’s operations will not be affected by the filing.
The restructuring will be led by new CEO, Kazuo Inamori who founded the Kyocera electronics group. Inamori takes over from former CEO Haruka Nishimatsu.
The carrier has been on the brink of collapse for over a year after receiving a number of government-bailouts. The airline...
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