JAL-Japan Airlines (Tokyo) according to Reuters has agreed to align itself with Delta Air Lines. This will mean JAL will jump from Oneworld to the SkyTeam Alliance.

JAL is expected to file for bankruptcy protection around January 19-20, however the Japanese government has promised that business will be the same as usual for its customers. The JAL stock will become worthless with the bankruptcy filing. Here are some key points with the recovery plan:

– Kazuo Inamori will be appointed as the new CEO (the former CEO of Kyocera).
– Pension cuts: 30 percent for retirees, 50 percent for future retirees.
– JAL will cut 45-50 percent of unprofitable routes by 2013 (international and domestic).
– Simplify fleet to 787, 777, 767, 737 by 2014 (all 747s to leave).
– Join SkyTeam in April 2011.

News link:

finance.yahoo.com/news/JAL-agrees-tieup-deal-with-rb-2133531264.html?x=0&.v=3