Monday, January 18, 2010
Japan Airlines (JAL) is expected to file for bankruptcy protection on Tuesday, ending months of speculation over the debt-ridden carrier’s future.
If all goes as planned, the bankruptcy filing will be followed by a restructuring aimed at trimming down the airline, cutting several routes and about a third of its staff.
Worries over the airline’s future have seen its stock price plunge in recent days, losing more than 90 per cent of its value.
Japan Airlines was established on August 1, 1951 and operates scheduled flights to 220 cities in 35 countries worldwide.