Japanese Bankruptcy Court Clears JAL For Takeoff

Law360, New York (November 30, 2010, 3:23 PM EST) -- A Japanese court on Tuesday reportedly gave clearance to Japan Airlines Corp.'s rehabilitation plan, which will merge the company's three separate units into one entity and cull its workforce by 30 percent.

According to a report in the Japan Times, the Tokyo District Court approved the rehabilitation plan, which was submitted in August.

Under the plan, JAL agreed to fold its three units — Japan Airlines Corp., Japan Airlines International Co. and JAL Capital Co. — into Japan Airlines International, scheduled to happen Wednesday. The company...
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