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Japan airlines to file for bankruptcy protection

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Japan airlines to file for bankruptcy protection

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Asia’s biggest commercial carrier, Japan airlines, is reportedly expected to file for bankruptcy protection later.

Beset by volatile fuel costs and fickle flyers JAL’s board are meeting to discuss how to restructure and reinvent a company that has a massive 11 billion euro debt.

Already bailed out by the Japanese government three times in the last 10 years more than 15,000 people, at third of JAL’s workforce, are expected to lose their jobs.

The carrier’s shares have plunged more than 90 percent since the beginning of the year giving the firm a market value of around 100 million euros – making it worth less than a new jumbo jet.