Japan Airlines files for bankruptcy with debt exceeding $25 billion

Japan Airlines yesterday filed for bankruptcy protection in Tokyo under Japan's Corporate Rehabilitation Law, initiating a restructuring process that it said will include major cost cuts and structural changes with the aim of returning to profitability by March 2012. Both the airline and the Japanese government insisted the carrier will continue operating normally as it goes through the court-monitored proceeding (ATWOnline, Jan. 18). The government-backed Enterprise Turnaround Initiative ...