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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...
...revenue is getting the lift it needs to stay in the sky - but not without shedding some bulk. With the government keen on keeping Japan's largest carrier in business, JAL is now set to transition into a three-year, state-backed restructuring plan. Before JAL's filing on Tuesday, Transport Minister Seiji Maehara said, "The government wants to continue to support JAL to ensure its continued stable and safe operations." The Enterprise Turnaround Initiative Corp. of Japan (ETIC), a quasi-government entity that buys the debt of troubled Japanese companies and helps turn them around, will support the airline...
...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 Inamori, founder of technology company Kyocera, is expected to take over from JAL's president Haruka Nishimatsu, who resigned on Tuesday...
What jurors will not hear when opening statements begin on Tuesday, however, are the strange events leading up to Siddiqui's arrest, which have made her case one of the most baffling in the war on terrorism. For over a decade, Siddiqui lived and studied in the U.S., but shortly after the Sept. 11 attacks, she was linked by law enforcement to a number of terrorism suspects. Among them is Majid Khan, a former resident of Baltimore who was allegedly tasked by 9/11 mastermind Khalid Sheikh Mohammed to plan terrorist attacks in the U.S. In March 2003, Khan was picked...
...Tuesday a state court will begin picking a jury in the trial of former House Majority Whip Mike Veon, a Democrat from western Pennsylvania, and three former party staffers, who are accused of running a secret campaign office in the Capitol building. The defendants are among 25 people from both parties indicted by state Attorney General Tom Corbett, who started the investigation three years ago, initially focusing on taxpayer money used to give bonuses to Democratic staffers working on campaign projects on official time. (See the top 10 scandals...