Japan Airlines files for bankruptcy protection
Tokyo, Jan 19: Japan Airlines (JAL) has filed for bankruptcy protection on Tuesday, Jan 19, as it battles to overcome crippling debts.
The Japanese government said, "JAL is to slash about 15,600 jobs and receive a 3.3-billion-dollar injection of public funds as part of its turnaround efforts."
Asia's biggest carrier said, "Its flight operations would not be interrupted by the bankruptcy filing with a Tokyo court."
According to Tokyo Shoko Research, the debts is estimated about two trillion yen (22 billion dollars).
This bankruptcy is Japan's biggest failure outside the financial sector since World War II.