Shares in Japan Airlines fall to fresh low of 5 yen
Shares in troubled Japan Airlines (JAL) plummeted again today to a fresh low of 5 yen as a bankruptcy filing seemed unavoidable.
The airline, which is Asia’s largest carrier, is expected to file for bankruptcy protection tomorrow as part of a Government rescue plan.
Like many other airlines, it has been struggling amid the global economic downturn which has led to a slump in demand.
Many airlines have been forced out of business as fewer people are travelling by air.
Meanwhile, JAL is also understood to be on the verge of abandoning British Airways and American Airlines by withdrawing from the Oneworld alliance.
However, American Airlines, British Airways and Qantas have outlined a new $2 billion proposal to keep JAL locked into the alliance.
The carrier is now worth just $150 million and is struggling with a mountain of debts of around $15 billion.