JAL may live again

Posted: Tue 31 Aug, 2010 5:31 PM

Japan Airlines (JAL) may have a second lease on livelihood with a US$10-billion restructuring plan that creditors have agreed on, to revive the airline.

The airline, a partner of British Airways in the oneworld alliance, has agreed to downsize by 16,000 jobs, cut 49-profit-draining routes and size down its fleet, in an attempt to climb out of bankruptcy by 2010, according to a report by Travel Mole. JAL’s creditors’ are doing their part by agreeing to wave 88% of unsecured liabilities.

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