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Months of speculation came to an end on Tuesday afternoon as Japan Airlines (JAL), the country's 59-year-old flagship carrier that once symbolized the strength of Japan Inc., filed for bankruptcy with two of its subsidiaries. Weighted by debts estimated at $25.6 billion (2.3 trillion yen), Japan Airlines Corp., Japan Airlines International and JAL Capital made history today as what is perhaps Japan's largest nonfinancial corporate failure. With a long record of unprofitable earnings, the airline has taken a hit from weak travel demand after SARS and H1N1, fuel surcharges and the global recession...
...waivers from its main lenders. In addition, the ETIC and the state-backed Development Bank of Japan will extend JAL a credit line of more than $3.5 billion. Key measures of the restructuring plan include cutting more than 15,000 jobs, or about 30% of its workforce, by the end of 2013, paring down to about half of its 110 group firms, and slashing unprofitable international and domestic routes. JAL's shares - which hit an all-time low of 3 yen Tuesday afternoon from a high of 213 last March - will also be delisted from the Tokyo Stock Exchange. Kazuo...
...expand their Asia networks. American, as a partner to JAL through the Oneworld alliance, and its private equity partner are willing to offer JAL $1.4 billion. Delta, the world's largest airline operator, has offered $1 billion. JAL aimed to make the decision between American or Delta by the end of the month, but Transport Minister Maehara has said the decision will be delayed. Neither airline will be allowed to invest in JAL until new management is in place in February...
...We’re learning how to win hockey games,” Donato said. “With some confidence, with some wins, hopefully we’ll continue to improve, and by the end of the season we’ll put it all together...
...comes in the wake of the departures of several key College administrators. In addition to Herschbach, Former Associate Dean of Student Life and Activities Judith H. Kidd accepted the staff retirement package offered by the University last spring. Former Associate Dean of Advising Programs Monique Rinere departed at the end of the last academic year to take a post at Columbia...