JAL Files For Bankruptcy, With Record High Total Debt of Y2.3Trillion
Japan Airlines, with its two subsidiaries, fileｄ a petition for protection with the Tokyo District Court under the Corporate Rehabilitation Law and the court issued its acceptance to start the procedures on afternoon, January 19. With total debt of ￥2,320 billion, JAL rewrote the history of corporate failure in the past. Simultaneously Enterprise Turnaround Initiative Corporation (ETIC) formally decided to support JAL's rehabilitation and is ready to infuse a total amount of ￥900 billion. Accordingly, on the same day, Tokyo Stock Exchange classified JAL stocks as special category, a step before desisting of stocks; TSE today announced JAL stocks will be desisted on February 20.
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