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Japan Airlines Stages a ComebackAugust 31, 2010 By: Meagan Drillinger
Japan Airlines (JAL), which filed for bankruptcy protection in January, is forging a plan to save the business, according to the Wall Street Journal.
The WSJ is reporting that JAL submitted a restructuring plan to a Tokyo court on Tuesday asking for a waiver of $6.2 billion in debt, cutting its work force by a third, and switching to fuel-efficient jets.
What's more, the carrier is planning to cut passenger capacity by 32 percent on international routes and 24 percent on domestic ones.
"There could be more good news to come," writes the WSJ. "Last week, Japan's transportation ministry proposed slashing jet fuel taxes and airport landing fees - which are currently the world's highest and key part of the Japanese airline sector's woes."
Read the full story here.