JAL announces rescue plan
Japan Airlines’ creditors have agreed a $10billion restructuring plan for the bankrupt airline, a partner of British Airways in the oneworld alliance.
Creditors have agreed to waive 88 percent of unsecured liabilities while the airline has agreed to cut 16,000 jobs, axe 49 unprofitable routes and shrink its fleet in a bid to come out of bankruptcy by 2012.
At the same time, it has been revealed that none of the airline’s former managers are likely to face legal action even though an investigation found there were problems in managerial judgement and corporate governance.
The Compliance Investigation Committee said the organisation was ‘bloated’, suffered from ‘a weak corporate culture and weak corporate finances’ and said the problems included ‘a wide gulf of awareness between corporate planning divisions and on-location staff’.
It said there was a lack of responsible initiatives and managerial judgement by top management and a company-wide lack of risk awareness, but it came to the conclusion that it would be difficult to find former managers legally liable under criminal or civil laws.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Global tourism exceeds 1.5 billion travelers announces UN-Tourism
Qatar Airways offers reduced timetable to over 60 destinations
WTTC global tourism reached record economic impact of 11 trillion in 2025
Hands In, UATP join forces for airline multi-card payments
Overseas travelers to the United States declined by 2.5% in 2025