Japan Airlines files for bankruptcy, to cut jobs

[napi21]

TOKYO - Japan Airlines Corp filed for bankruptcy protection on Tuesday owing more than $25 billion and vowed to slash 15,700 jobs and unprofitable routes as part of a plan to survive an industry beset by volatile fuel costs and fickle flyers.

JAL, Asia's largest airline by revenues, will remain in the skies thanks to almost 1 trillion yen ($11 billion) in support from a state-backed fund, but must go through a sweeping restructuring under a new board and management.

Shareholders will be wiped out and lenders will forgive a larger-than-expected 730 billion yen in debt as part of the deal with the fund, the Enterprise Turnaround Initiative Corp of Japan (ETIC).

[FreakinDJ]

1. Has the Japanese work force adapted to "Lay Offs" yet

Used to be suicide was of major concern