Japan Airlines Corp. filed for bankruptcy Tuesday under the Corporate Rehabilitation Law in the biggest nonfinancial corporate failure in the postwar period.
The country's flagship carrier is expected to continue flying and honor tickets with government assurances for lifeline funds, while undergoing a three-year rehabilitation process that is expected to entail massive cuts in jobs and in unprofitable routes, both domestic and international.
The airline's debts are estimated at ¥2.3 trillion.