01-Sep-2010 9:11 AM
PATA: JAL may live again
Direct News Source
31-Aug-2010 Japan Airlines (JAL) may have a second lease on livelihood with a US$10-billion restructuring plan that creditors have agreed on, to revive the airline.
The airline, a partner of British Airways in the oneworld alliance, has agreed to downsize by 16,000 jobs, cut 49-profit-draining routes and size down its fleet, in an attempt to climb out of bankruptcy by 2010, according to a report by Travel Mole. JAL's creditors' are doing their part by agreeing to wave 88% of unsecured liabilities.