Japan airlines completed its court-monitored bankruptcy restructuring under Japan's Corporate Rehabilitation Law on March 28,2011 - but immediately had to announce further flight cuts as it contends with the steep decline in demand for seats following the devastating March 11 earthquake and tsunami. The state-affiliated Enterprise Turnaround Initiative Corporation of Japan has injected ¥350 billion into the airline, effectively becoming its owner until a planned Initial Public Offering (IPO) of the company's shares next year. The court-approved restructuring plan required the laying-offof 16,000 employees by March 31, the disposal of 103 aircraft from its fleet as well as scrapping 49 routes, but it will undoubtedly have to cut more frequencies due to the ongoing crisis.
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