JAL Files for Bankruptcy

Japan Airlines has filed for bankruptcy protection in one of the biggest corporate failures in Japanese history. Asia’s biggest airline reported last October that it faced 1.5 trillion yen ($16.5 billion USD) in debt, falling passenger traffic, and swelling pension costs. The airline has filed for for protection from creditors under the Corporate Rehabilitation Law – Japan’s version of Chapter 11 – and plans to institute a restructuring plan to cut inefficiency and expenses.

Source: Excite News

Article provided by Daniel Zelter