JAL files for bankruptcy protection

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Japan Airlines Corporation (Tokyo) filed for bankruptcy protection today (January 19) according to Reuters.  The corporation owes more than $25 (US) billion. JAL has vowed to slash 15,700 jobs and unprofitable routes.

JAL, Asia’s largest airline by revenues, will remain in the air due to nearly $11 billion in government-backed support. JAL must go through restructuring under a new board and management. The shareholders will be wiped out.

Here is the full report: