This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8466997.stm
The article has changed 14 times. There is an RSS feed of changes available.
Version 4 | Version 5 |
---|---|
JAL bankruptcy filing confirmed | JAL bankruptcy filing confirmed |
(10 minutes later) | |
Japan Airlines (JAL), Asia's biggest air carrier, has filed for bankruptcy protection, in one of the country's biggest corporate failures. | |
Some 15,000 jobs are expected to be cut. All board members have also voted to resign, according to Japanese media. | |
A state-backed turnaround organisation has said it plans to inject about 300bn yen ($3.3bn; £2bn) into JAL. | |
JAL shares have fallen to an all-time low, valuing the firm at just $150m - less than 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 the state-backed Enterprise Turnaround Initiative Corporation (ETIC). | Japan's government says flights will continue as normal as JAL begins restructuring under the supervision of the state-backed Enterprise Turnaround Initiative Corporation (ETIC). |
Transport Minister Seiji Maehara is due to hold a news conference. | |
With debts of $16.5bn, the airline is set to become one of Japan's biggest corporate bankruptcies. | With debts of $16.5bn, 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. |
Do you work for Japan Airlines? Are you a shareholder? Send us your comments and experiences using the form below. | Do you work for Japan Airlines? Are you a shareholder? Send us your comments and experiences using the form below. |
The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |