Wednesday, March 30, 2011
Japan Airlines announced Monday, March 28th 2011 that it has pulled itself out of bankruptcy and has completed it’s restructuring process about 14 months after going into it. The airline also made a full repayment of rehabilitation debts totaling about $4.88 billion the same day with about $3.15 billion in new loans from 11 major creditor banks and cash in hand.
“From this new starting point, JAL will unite as one as we work towards rebuilding the business,” the Tokyo-based company said in a statement.
JAL entered bankruptcy in January 2010 with debts of about 2.32 trillion yen ($28 billion) - one of Japan’s biggest-ever corporate failures. But it continued flying during a rehabilitation process that included massive job and route cuts, under court protection.