JAL Cargo (JAL-Japan Airlines) Boeing 747-446 (BCF) JA8909 (msn 26353) LHR (Antony J. Best) (JAL to exit cargo business), originally uploaded by Airliners Gallery.
JAL-Japan Airlines (Tokyo) due to reorganization in bankruptcy has decided to exit the cargo business by the end of October 2010.
Business Week news link:
Copyright Photo: Antony J. Best. Boeing 747-446 (BCF) JA8909 (msn 26353) of JAL Cargo climbs away from London (Heathrow).
Copyright Photo: Antony J. Best. Please click on photo for full view, information and other photos.
JAL-Japan Airlines’ (Tokyo-Haneda) today (October 14) received the government-ledย task force proposal. ย The plan proposes the followingย restructuring plan. It includes the following:
– replace all current executives
– cut over 9,000 employees
– cut pension payments by 50 percent
– ask banks to forget JPY300 billion of debt
– raise JPY150 billion through debt-equity swaps
– spin off subsidiaries
– cut all unprofitable routes
The plan still not has been ratified, and thingsย like pensions need to be approved by the retiree’sย union. ย The debt also needs to be renegotiated with the banks. ย Either way JAL will be a much smaller airline and group.
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