It may not come as much of a surprise in these tough economic times but Japan Airlines(JAL), Asia’s largest airliner, is filing for Japan’s version of Chapter 11 bankruptcy.
After citing debts in the range of 2.3 trillion yen. JAL will be subjected to massive cutbacks and restructuring under the Enterprise Turnaround Initiative Corporation (ETIC). Japan Airlines has been supported by the Japanese government for years due to poor management but it looks like that deal is no more. The restructuring means that JAL will cut about 15,000 jobs — 1/3 of its workforce — and 30 routes (13 international and 17 domestic) by 2013 in an effort to save money.
The entire board of directors will be resigning, which means that new leadership will be able to come in and try to clean up the company, getting rid of a number of risky investments that JAL took during its successful times. It is horrible to see anyone lose a job so our hearts go out to all those affected.
For more info check the guardian.co.uk
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