Posted on 01/19/2010 1:00:25 PM PST by decimon
Japan Airlines filed for bankruptcy Tuesday in one of the nation's biggest corporate failures ever, entering a restructuring that will shrink Asia's top carrier and its presence around the world.
Staggering under a $25.6 billion debt mountain, the carrier applied for protection from creditors under the Corporate Rehabilitation Law — Japan's version of Chapter 11 — with the Tokyo District Court.
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"I guess they did not work in earnest and so fell into this situation," said Isao Sasaki, 72, who waited in line Tuesday at a JAL check-in counter at Tokyo's Haneda Airport. "Weren't they spoiled as they always had protection from the government?"
(Excerpt) Read more at news.yahoo.com ...
JALopy ping.
Anyone remember when everyone was afraid that the Jappers were going to own us?
Yup. Thirty years ago you could make money writing about that.
“Yup. Thirty years ago you could make money writing about that. “
Michael Crichton did just that.
I was thinking of, IIRC, Pat Choate. He had a tidy mini-career writing about that.
Can you say...GM, Chrysler, Fannie & Freddie? This is what happens when governments run private enterprises.
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