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Japan Airlines 'to go bankrupt' JAL bankruptcy filing confirmed
(30 minutes later)
Japan Airlines (JAL), Asia's biggest air carrier, is due to file for bankruptcy protection, reports say. Japan Airlines (JAL), Asia's biggest air carrier, has decided to file for bankruptcy protection, reports say.
JAL - which has $16.5bn (£10bn) of debts - is expected to make the move after a board meeting later on Tuesday. All board members also voted to resign, according to Japanese media. JAL was not immediately available for comment.
JAL shares fell to an all-time low on Monday, valuing the firm at just $150m - roughly the price of a new jumbo jet. JAL shares have fallen to an all-time low, valuing the firm at just $150m - less than the price of a new jumbo jet.
Japan's government says flights will continue as normal as JAL begins restructuring under the supervision of a state-backed turnaround organisation.Japan's government says flights will continue as normal as JAL begins restructuring under the supervision of a state-backed turnaround organisation.
JAL started negotiations with the Enterprise Turnaround Initiative Corporation (ETIC) in October last year.JAL started negotiations with the Enterprise Turnaround Initiative Corporation (ETIC) in October last year.
With debts of $16.5bn (£10bn), the airline is set to become one of Japan's biggest corporate bankruptcies.
A third of JAL's workforce - more than 15,000 people - are expected to lose their jobs, the BBC's Roland Buerk in Tokyo says.A third of JAL's workforce - more than 15,000 people - are expected to lose their jobs, the BBC's Roland Buerk in Tokyo says.
Banks will have to write off unsecured debt and JAL will receive an injection of taxpayers' money, our correspondent adds.Banks will have to write off unsecured debt and JAL will receive an injection of taxpayers' money, our correspondent adds.
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 global downturn.Along with other major global airlines, JAL has been hit hard by falling passenger numbers during the global downturn.