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Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

Japan Airlines to File Bankruptcy Soon


Posted on Jan 22, 2010

Japan Airlines, the largest air carrier in Asia, is prepared to file for bankruptcy protection as early as January 19, according to media reports out of Japan.

The move, which is similar to a Chapter 11 filing in the U.S., would be one of the largest corporate failures in the history of Japan. Under provision of the law, JAL shares would be removed from the Tokyo Stock Exchange. The government-backed Enterprise Turnaround Initiative Corp. would then officially announce a restructuring plan for the airline involving pre-packaged court-backed rehabilitation, including a $3.3 billion injection from the fund.

Delta Air Lines and American Airlines are believed to be two major U.S. companies in the running to invest in the troubled Japanese airline.

 

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