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Last updated: 19 january, 2010 - 17:59 GMT
Japan Airlines files for bankruptcy protection
JAL, or Japan Airlines, files for bankruptcy protection with debts of $16.5bn
Japan Airlines filed for one of the country's largest bankruptcies, entering a restructuring that will shrink Asia's top carrier and its presence around the world.
A fleet of 279 aircraft, carrying nearly 12 million passengers a year on more than 400 routes, there's no doubt Japan Airlines is a high profile victim of recession.
The bankruptcy of the national flag carrier is a major blow for Japanese pride. JAL collapsed with $16.5bn of debt because the Japanese government is no longer willing to keep bailing it out.
About 15,000 workers will likely lose their jobs under JAL's administered restructuring, while the firm's creditors will suffer losses of more than $3bn.
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