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Bankruptcy * Japan - JAL Files for Protection
After one of Japan's biggest corporate failures, government to rebuild
Tokyo,Japan -The Journal of Commerce Online, by Hisane Masaki -Jan 19, 2010: -- Japan Airlines, the biggest air carrier in Asia, filed for bankruptcy protection from creditors on Tuesday, marking one of the biggest corporate failures in Japanese history... The Japanese-flag carrier, along with two of its key subsidiaries -- Japan Airlines International and JAL Capital -- filed the bankruptcy protection application with the Tokyo District Court under the Corporate Rehabilitation Law, which is similar to Chapter 11 in the United States... The total amount of liabilities left behind by JAL, Japan Airlines International and JAL Capital are about $25 billion... The government-backed Enterprise Turnaround Initiative immediately announced a decision to aid JAL's reconstruction, formally placing the debt-ridden carrier under state control...
Labels: bankruptcy
posted by Unknown @ 7:39 AM
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