Japan Airlines yesterday became the biggest local corporate failure outside the financial industry when it filed for bankruptcy protection as part of a makeover which will see it lose a third of its staff, shed multiple routes and sell dozens of assets.
Tokyo promised an infusion of new capital and credit lines to keep Asia's largest carrier by revenues operating until it completes a radical three-year restructuring.
Under the government-supported rescue plan, creditors will be asked to forgive Y730bn in debt, the airline will withdraw from 31 unprofitable routes and dispose of non-core subsidiaries and other assets.
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