JAL files for bankruptcy with $25 bn total debt
Tokyo: Japan Airlines Corp., which epitomised Japan’s post-world war boom, said on Tuesday it had filed for bankruptcy with 2.3 trillion yen ($25.4 billion) in debt as of the end of September, as it seeks to revive itself under a state-backed restructuring plan.
The airline filed for bankruptcy under a clause similar to Chapter 11 of the US Bankruptcy Code, which permits companies to hold their assets while undergoing a restructuring plan and allow them to pay debts.
The Enterprise Turnaround Initiative Corp of Japan (ETIC), a fund that can draw on government-backed funding to bail out ailing firms, has said it will support the carrier.
(With agency inputs)
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