JAL chooses to stay with American over Delta

According to numerous reports, financially strapped Japan Airlines is now looking to stay put as a partner with American Airlines and the oneworld alliance. Keep Reading

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Japan Airlines: Breaking News Updates

Japan Airlines Files for Bankruptcy
Over 10,000 jobs expected to be cut from Asia’s largest carrier by revenue..

Japan Airlines files for bankruptcy
Japan Airlines Corp filed for bankruptcy protection owing more than $25 billion and vowed to slash 15,700 jobs and unprofitable routes as part of a plan to survive..

Japan Airlines files for bankruptcy protection
Japan Airlines has filed for bankruptcy protection, vowing to cut nearly 16,000 jobs and restructure its $26-billion debt..

Japan Airlines files for bankruptcy
¢ Move marks one of biggest collapses in Japanese history¢ Restructuring plan to cost 15,700 jobs and more than 30 routesJapan Airlines today filed for bankruptcy in an attempt to reverse the fortunes of a once-revered corporate icon now saddled with billions of dollars of debt and a reputation for mismanagement and inefficiency.The airline’s board decided to place the company at the mercy of a state-led restructuring plan that will require it to shed almost 15,700 jobs and cut more than 30 unprofitable routes.JAL said its entire board would resign but added that the airline would continue flying even as it files for protection from creditors under Japan’s version of Chapter 11 in the US.The airline will receive support from the state-backed Enterprise Turnaround Initiative Corporation [ETIC], which will provide ¥300bn (£2bn) in fresh capital and a ¥600bn credit line to cover payments for essentials such as fuel and parts.Asia’s biggest airline cited combined debts of ¥2.3 trillion, making the bankruptcy one of the biggest in Japanese history. Its creditors, which include three Japanese “megabanks,” will forgive ¥730bn in debts, far higher than previously estimated.The news ended weeks of speculation over JAL’s future after Japan’s new centre-left government ruled out an emergency bailout.The airline will, however, stay in business while it attempts to repair its battered reputation and return to profitability by the end of the 2012 financial year.The government said it would “provide the necessary support for JAL until the completion of its rehabilitation”.JAL said it wished to “sincerely apologise to all of our shareholders, financial creditors, customers and suppliers and other parties concerned for the great inconvenience and concern this situation might cause”.Earlier in the day the firm suffered the indignity of seeing its shares sink to a record low of ¥3. Those shares will soon be worth nothing now that the Tokyo stock exchange has confirmed they will be delisted tomorrow.A rosy future for JAL–In exchange for financial backing from ETIC, JAL will slash a third of its 47,000-strong workforce by March 2013 and cut 14 international and 17 domestic routes over the same period.JAL is expecting operating losses of ¥265bn for the year to the end of March, having amassed losses of ¥51bn last year. It lost ¥131.2bn in the six months to September.Its long-term future will be dependent on efforts to emerge as a leaner airline, probably with support through new partnerships with overseas carriers that could transform the airline business in Asia-Pacific.Analysts were upbeat about JAL’s immediate future, but acknowledged that questions remain over its potential for growth.”I am not worried about the future of the carrier as I believe the government will strongly support it,” said Yasuhiro Matsumoto, a credit analyst at Shinsei Securities. “But whether it will be able to grow as a business is unclear. I can’t see how JAL is going to build its network domestically and internationally.”The company, which has received four government bailouts since 2001, has seen its market value decline 90% since the beginning of the month.

Japan Airlines Files For Bankruptcy Protection
Japan Airlines has filed for bankruptcy protection. It’s one of the biggest corporate failures in Japanese history. JAL will now embark on a massive overhaul under a prepackaged restructuring plan to shed the fat and inefficiency that undermined its finances.

Japan Airlines Files for Bankruptcy Protection
Japan Airlines filed for bankruptcy Tuesday in one of the nation’s largest corporate failures, entering a restructuring from which it seeks to emerge leaner, smarter and free of crippling debt..

Japan Airlines Files For Bankruptcy Protection
Reports: JAL could file for bankruptcy on Jan. 19.

Japan Airlines Files for Bankruptcy
The airline’s bankruptcy sets the stage for a state-led bailout that could change the Japanese aviation sector..

Japan Airlines ‘hours away from bankruptcy’
JAL, once revered as a symbol of corporate Japan, attempts to free itself from multimillion-dollar debtsJapan Airlines (JAL) was today reported to be hours away from bankruptcy ” the first step in an attempt to free itself from the huge debts and poor management that have come to define a once-revered Japanese corporate symbol.As the Japanese transport minister, Seiji Maehara, prepared to put the airline in the hands of a state-backed turnaround body, it suffered the indignity of seeing shares reach a record low of four yen (2.6 pence).JAL, which has received three government bailouts in the past decade, has seen the value of its shares fall by 90% since the beginning of the month.With a market value of $150m (£91m) ” less than the price of a Boeing 747 jet ” the airline is now trailing the likes of Croatia Airlines and Jazeera Airways.JAL shares could soon be worth nothing if, as expected, they are de-listed from the Tokyo stock exchange.Despite filing for what would be Japan’s sixth-biggest ever bankruptcy, the airline is expected to stay in business while it attempts to rid itself of debts of $16bn and repair its battered reputation.”The government wants to continue to support JAL to ensure its continued stable and safe operations,” Maehara told reporters.In exchange for financial backing from the Enterprise Turnaround Initiative Corporation (Etic), JAL will reportedly be asked to cut 15,600 jobs ” one-third of its workforce ” by March 2013 and cut unprofitable routes.The airline is expecting operating losses of 265bn yen (£1.8bn) for the year to the end of March, having amassed losses of 51bn yen last year.Its long-term future will be dependent on efforts to emerge as a leaner business, probably with additional support through new partnerships with overseas carriers that could transform the airline business in the Asia-Pacific market.The restructuring plan, due to be announced later today, could mark the anointing of JAL’s rival All Nippon Airways as Japan’s flagship carrier.Analysts were upbeat about JAL’s immediate future but admitted questions over its potential for growth remained.”I am not worried about the future of the carrier as I believe the government will strongly support it,” Yasuhiro Matsumoto, a credit analyst at Shinsei Securities, said.”But whether it will be able to grow as a business is unclear. I can’t see how JAL is going to build its network domestically and internationally.”JAL’s decline has been a sobering experience for an airline that grew from a handful of leased planes in 1951 into a global fleet of 280 aircraft and almost 50,000 employees.It will begin its recovery by filing for court protection ” a move akin to Chapter 11 in the US ” which would pave the way for a 300bn yen injection of fresh capital from Etic.The body indicated that it would draw on government-backed funding to open a line of credit that would enable JAL to buy fuel and parts to keep its planes in the air.JAL’s main creditors, which include three Japanese megabanks, have reportedly agreed to waive debts of 350bn yen.The airline is also likely to offload unprofitable side businesses to give itself a fighting chance of recovery amid falling passenger numbers, rising fuel prices and high restructuring costs.Its first obvious break with the past will be the expected appointment of Kazuo Inamori, the founder of the electrical components maker Kyocera, as the chief executive in place of Haruka Nishimatsu.A very different airline is expected to emerge under the stewardship of the 77-year-old Inamori, a successful entrepreneur but an airline industry novice.Under the restructuring plan, JAL could retire 53 of its largest jets and replace them with smaller aircraft suited to domestic and regional flights.The airline will also have to decide on rival offers of investment from two US airlines keen to gain a bigger foothold in Asia.American Airlines and its partners, including British Airways, say they are willing to invest $1.4bn to keep JAL as part of their Oneworld Alliance.However, reports suggest JAL is preparing to accept a rival offer, worth about $1bn, from Delta and defect to its Sky Team group.JapanAirline industryJapanJustin McCurryguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds.

Japan Airlines ‘nears bankruptcy’
JAL, once revered as a symbol of corporate Japan, attempts to free itself from multimillion-dollar debtsJapan Airlines (JAL) was today reported to be hours away from bankruptcy ” the first step in an attempt to free itself from the huge debts and poor management that have come to define a once-revered Japanese corporate symbol.As the Japanese transport minister, Seiji Maehara, prepared to put the airline in the hands of a state-backed turnaround body, it suffered the indignity of seeing shares reach a record low of four yen (2.6 pence).JAL, which has received three government bailouts in the past decade, has seen the value of its shares fall by 90% since the beginning of the month.With a market value of $150m (£91m) ” less than the price of a Boeing 747 jet ” the airline is now trailing the likes of Croatia Airlines and Jazeera Airways.JAL shares could soon be worth nothing if, as expected, they are de-listed from the Tokyo stock exchange.Despite filing for what would be Japan’s sixth-biggest ever bankruptcy, the airline is expected to stay in business while it attempts to rid itself of debts of $16bn and repair its battered reputation.”The government wants to continue to support JAL to ensure its continued stable and safe operations,” Maehara told reporters.In exchange for financial backing from the Enterprise Turnaround Initiative Corporation (Etic), JAL will reportedly be asked to cut 15,600 jobs ” one-third of its workforce ” by March 2013 and cut unprofitable routes.The airline is expecting operating losses of 265bn yen (£1.8bn) for the year to the end of March, having amassed losses of 51bn yen last year.Its long-term future will be dependent on efforts to emerge as a leaner business, probably with additional support through new partnerships with overseas carriers that could transform the airline business in the Asia-Pacific market.The restructuring plan, due to be announced later today, could mark the anointing of JAL’s rival All Nippon Airways as Japan’s flagship carrier.Analysts were upbeat about JAL’s immediate future but admitted questions over its potential for growth remained.”I am not worried about the future of the carrier as I believe the government will strongly support it,” Yasuhiro Matsumoto, a credit analyst at Shinsei Securities, said.”But whether it will be able to grow as a business is unclear. I can’t see how JAL is going to build its network domestically and internationally.”JAL’s decline has been a sobering experience for an airline that grew from a handful of leased planes in 1951 into a global fleet of 280 aircraft and almost 50,000 employees.It will begin its recovery by filing for court protection ” a move akin to Chapter 11 in the US ” which would pave the way for a 300bn yen injection of fresh capital from Etic.The body indicated that it would draw on government-backed funding to open a line of credit that would enable JAL to buy fuel and parts to keep its planes in the air.JAL’s main creditors, which include three Japanese megabanks, have reportedly agreed to waive debts of 350bn yen.The airline is also likely to offload unprofitable side businesses to give itself a fighting chance of recovery amid falling passenger numbers, rising fuel prices and high restructuring costs.Its first obvious break with the past will be the expected appointment of Kazuo Inamori, the founder of the electrical components maker Kyocera, as the chief executive in place of Haruka Nishimatsu.A very different airline is expected to emerge under the stewardship of the 77-year-old Inamori, a successful entrepreneur but an airline industry novice.Under the restructuring plan, JAL could retire 53 of its largest jets and replace them with smaller aircraft suited to domestic and regional flights.The airline will also have to decide on rival offers of investment from two US airlines keen to gain a bigger foothold in Asia.American Airlines and its partners, including British Airways, say they are willing to invest $1.4bn to keep JAL as part of their Oneworld Alliance.However, reports suggest JAL is preparing to accept a rival offer, worth about $1bn, from Delta and defect to its Sky Team group.JapanAirline industryJapanJustin McCurryguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds.

News Media

US-BUSINESS Summary – Washington Post
TOKYO (Reuters) – Japan Airlines Corp <9205.T> will keep its partnership with American Airlines in the Oneworld alliance due to concerns that forging ties …

Japanese aircraft seat manufacturer faked test data: Ministry – Trading Markets (press release)
… supplier of aircraft seats, having delivered some 150000 seats for about 1000 aircraft flown by 32 carriers worldwide, including JAPAN AIRLINES CORP. …

Japan corp bankruptcies down but debt up due to JAL – Reuters
JAL filed for protection from creditors with more than $25 billion in debt in January, making it Japan's biggest ever bankruptcy by a non-financial firm. …

JAL to Decide on Partner Soon – Wall Street Journal
TOKYO–Japan Airlines Corp. could decide by mid-month whether it will select Delta Air Lines Inc. or rival AMR Corp. …

PRESS DIGEST – Wall Street Journal – Feb 9 – Reuters
T) says it is recalling its new Prius in Japan because of braking problems. * Japan Airlines Corp (9205.T) is planning to announce Tuesday afternoon in …

JAL decides to stay with American and Oneworld – Flightglobal
By Ghim-Lay Yeo Japan Airlines (JAL) has chosen to stay with the Oneworld alliance, and will apply for anti-trust immunity on transpacific routes with …

Delta Responds to Japan Airlines Announcement Regarding Alliance Partnership – SYS-CON Media (press release)
Computational science is the field of study concerned with constructing mathematical models and numerical techniques that represent scientific, …

Japan’s current account surplus widens – TODAYonline
In one of the country's biggest corporate failures, Japan Airlines filed for bankruptcy last month with US$26 billion ($37 billion) of debt. AGENCIES.

Boeing Likely To Scrap 787-3 After JAL, ANA Switch To 787-8 – Wall Street Journal
"Both Japan Airlines and ANA have converted to the 787-8. The 787-3 that had a shorter wingspan was designed for Japan and now there are no customers. …