Japan Airlines Lands In Bankruptcy In Japan, US

Law360, New York (January 19, 2010, 2:31 PM EST) -- Citing $28 billion in debt, Japan Airlines Corp. has filed for bankruptcy, marking the beginning of what is expected to be a lengthy restructuring aided by $10 billion in credit and capital injections from the Japanese government.

The company filed for protection under Japan's Corporate Rehabilitation Act, which is based on U.S. bankruptcy law, on Tuesday in the Tokyo District Court, Civil Department No. 8. It also filed a Chapter 15 petition Tuesday for recognition of a foreign proceeding in the U.S. Bankruptcy Court for the...
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