Tuesday, 19th January 2010
In Business In Japan,
Bankruptcy for Japan Airlines 'due in hours'
Asian carrier Japan Airlines is set to file for bankruptcy in a matter of hours, it has been reported.
UK newspaper the Guardian suggests that the bankruptcy is imminent, citing a number of local reports.
Speculation on the carrier's state has been ongoing for the past few days, as it struggles to cope with billions in debt. The state backed rescue fund made to deal with the fate of the carrier announced last week that a decision on the future of the carrier - and restructure plans - would be announced today (January 19th).
Following continued talk about the airline's future, shares in the company have fallen to a record low of four yen each.
Now, the airline - which is the biggest carrier in Asia - is worth less than half the price of a 787 jumbo jet, the Guardian noted.
The carrier has been bailed out by the government four times in the past ten years.
Written by Mark Smith.