Japan Airlines Files for Bankruptcy Protection

Tokyo, Jan 19 – Japan’s top carrier, Japan Airlines Corporation (JAL), Tuesday formally filed for bankruptcy protection, paving the way for state-led restructuring.

Xinhua news agency reported that JAL filed for bankruptcy protection with the Tokyo District Court, with its liabilities, including those of group firms totalling 2.32 trillion yen ($25.8 billion).

The Tokyo Stock Exchange said JAL shares will be delisted from its First Section from Feb 20 through 100 percent equity reduction.

The Japanese government said in a statement it will seek ‘the understanding and cooperation of foreign governments’ to enable JAL to continue its flight operations and implement its rehabilitation programme.

Posted by Vamban on Jan 19, 2010 @ 3:31 PM Filed under Asia, World News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry