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Jal In Receivership.

NYTSKY

By NYTSKY,
in Japan

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NYTSKY Grand Master

NYTSKY

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Debt-Ridden JAL to Apply for Receivership

Japan Airlines (JAL) will apply for court receivership on Jan. 19. With huge losses caused by lax management, JAL is now incapable of sustaining itself. The application for court receivership reflects the Japanese government's will to revive the flagship carrier, the local media says.

JAL will submit the application with a district court in Tokyo on the 19th, the Nihon Keizai Shimbun reported Sunday. Right after the application, the Enterprise Turnaround Initiative Corp. (ETIC) will take charge of the ailing airline's restructuring process, including cutting 13,000 staff over the next three years. Under the restructuring plan, the airline will also stop offering services to 47 unprofitable destinations, domestic and overseas.

ETIC will provide 300 billion yen to JAL while creditors will give up on bonds worth 350 billion yen. JAL's liabilities amount to about 800 billion yen. With a view to establishing strong leadership, ETIC has asked Kazuo Inamori, chairman emeritus of precision equipment maker Kyocera, to become the CEO. Meanwhile, it has decided not to accept investment offers from American Airlines and Delta Air Lines.

:P

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13Beast Enthusiast

13Beast

Posted
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I hope JAL rots and burns. ANA also. Any nation that insists on denying any other commercial carrier onto its domestic routes, and allows them to price-fix each other (yet supposedly they are two separate companies?), and play protectionist, 'boys-club' monopolist business practices deserves to rot.

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