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Japan Airlines shares hit new low | Japan Airlines shares hit new low |
(about 10 hours later) | |
Shares in the troubled carrier Japan Airlines (JAL) have plunged to a record low of 5 yen (6 cents, 3 pence) ahead of an expected bankruptcy filing. | Shares in the troubled carrier Japan Airlines (JAL) have plunged to a record low of 5 yen (6 cents, 3 pence) ahead of an expected bankruptcy filing. |
The bankruptcy is part of a government bail-out that is likely to be announced on Tuesday, reports say. | The bankruptcy is part of a government bail-out that is likely to be announced on Tuesday, reports say. |
The company, which lost about $1.5bn in the six months to September, is now worth just $150m - less than the price of a new jumbo jet. | The company, which lost about $1.5bn in the six months to September, is now worth just $150m - less than the price of a new jumbo jet. |
The company's stock reached a high of 366 yen a share back in 2003. | The company's stock reached a high of 366 yen a share back in 2003. |
While the turnaround plan backed by the government will see the airline continue to fly, investors in the company are likely to lose most of their money. | While the turnaround plan backed by the government will see the airline continue to fly, investors in the company are likely to lose most of their money. |
Along with other major global airlines, JAL has been hit hard by falling passenger numbers during the downturn and is struggling with debts of more than 1tn yen. |
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