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JAL bankruptcy filing confirmed JAL bankruptcy filing confirmed
(31 minutes later)
Japan Airlines (JAL), Asia's biggest air carrier, has filed for bankruptcy protection, in one of the country's biggest corporate failures.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.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.A state-backed turnaround organisation has said it plans to inject about 300bn yen ($3.3bn; £2bn) into JAL.
Japan's government says flights will continue as normal as the airline begins restructuring.
Its reorganisation will take place under the supervision of the state-backed Enterprise Turnaround Initiative Corporation (ETIC).
JAL will also receive a 600bn-yen credit line and get 730bn yen in debt waivers.
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). The Tokyo Stock Exchange said shares in the carrier would be delisted on 20 February.
Transport Minister Seiji Maehara is due to hold a news conference. Along with other major global airlines, JAL has been hit hard by falling passenger numbers during the global downturn. The carrier has debts of $16.5bn.
With debts of $16.5bn, the airline is set to become one of Japan's biggest corporate bankruptcies. Investors to lose out
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. "Basically this shows that nothing is too big to fail, that America's GM and Japan's JAL were in the same situation," said Koichi Ogawa from Daiwa SB Investments.
Banks will have to write off unsecured debt and JAL will receive an injection of taxpayers' money, our correspondent adds. "What this has shown is that the nation won't just take total care of a company, that they've now said they'll let badly-run companies fail."
A third of JAL's workforce face the prospect of losing their jobs, the BBC's Roland Buerk in Tokyo says.
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.
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