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Japan Airlines Corp. has drafted a new turnaround plan seeking a ¥250 billion debt waiver and is making arrangements with the government and its main creditor banks, sources said Tuesday.

The company will seek official endorsement for the draft from transport minister Seiji Maehara by the end of the month and finalize negotiations with banks on the debt waiver and capital reinforcement sometime in November, the sources said, adding the company may consider filing for bankruptcy proceedings if the talks fail.

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