<p>Xinhua news agency reported that JAL filed for bankruptcy protection with the Tokyo District Court, with its liabilities, including those of group firms totalling 2.32 trillion yen ($25.8 billion). <br />The Tokyo Stock Exchange said JAL shares will be delisted from its First Section from Feb 20 through 100 percent equity reduction. <br />The Japanese government said in a statement it will seek "the understanding and cooperation of foreign governments" to enable JAL to continue its flight operations and implement its rehabilitation programme.<br /><br />The restructuring measures are being proposed by the state-backed Enterprise Turnaround Initiative Corp (ETIC). The airline applied for support from ETIC in October. </p>.<p>JAL, the former state-owned flag carrier, plans to cut 15,700 jobs, or one-third of its workforce, by the end of March 2013, and to sell or close down half the group's subsidiaries to 57 from 110 by March 2011, news reports said. </p>.<p>JAL's shares are to be delisted from the Tokyo Stock Exchange as it is to conduct a 100 per cent capital reduction, news reports said. <br /><br />The airline would forgo jumbo jets and introduce energy-efficient aircraft instead, while scaling down the business. It would aim for group revenues of 1.36 trillion yen (nearly $15 billion) in the year through March 2013, down around 30 per cent from four years earlier, Kyodo News reported.</p>.<p> The plan calls for JAL's creditor banks to waive a total of 358.5 billion yen ($3.95 billion) in unsecured loans to the carrier. Of that amount, around 44 billion yen extended by the state-backed Development Bank of Japan will be shouldered by taxpayers, Kyodo said. </p>.<p>Meanwhile, the ETIC is to invest around 300 billion yen in the financially strapped carrier.</p>
<p>Xinhua news agency reported that JAL filed for bankruptcy protection with the Tokyo District Court, with its liabilities, including those of group firms totalling 2.32 trillion yen ($25.8 billion). <br />The Tokyo Stock Exchange said JAL shares will be delisted from its First Section from Feb 20 through 100 percent equity reduction. <br />The Japanese government said in a statement it will seek "the understanding and cooperation of foreign governments" to enable JAL to continue its flight operations and implement its rehabilitation programme.<br /><br />The restructuring measures are being proposed by the state-backed Enterprise Turnaround Initiative Corp (ETIC). The airline applied for support from ETIC in October. </p>.<p>JAL, the former state-owned flag carrier, plans to cut 15,700 jobs, or one-third of its workforce, by the end of March 2013, and to sell or close down half the group's subsidiaries to 57 from 110 by March 2011, news reports said. </p>.<p>JAL's shares are to be delisted from the Tokyo Stock Exchange as it is to conduct a 100 per cent capital reduction, news reports said. <br /><br />The airline would forgo jumbo jets and introduce energy-efficient aircraft instead, while scaling down the business. It would aim for group revenues of 1.36 trillion yen (nearly $15 billion) in the year through March 2013, down around 30 per cent from four years earlier, Kyodo News reported.</p>.<p> The plan calls for JAL's creditor banks to waive a total of 358.5 billion yen ($3.95 billion) in unsecured loans to the carrier. Of that amount, around 44 billion yen extended by the state-backed Development Bank of Japan will be shouldered by taxpayers, Kyodo said. </p>.<p>Meanwhile, the ETIC is to invest around 300 billion yen in the financially strapped carrier.</p>
