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Japan Airlines has outlined restructuring plans that include
cutting 30 percent of its global workforce and additional financing to keep
flying after filing for bankruptcy protection in January, according to reports.
The plan calls for the retirement of 103 aircraft, and the
dumping of 10 international and 39 domestic routes.
The Japanese government and JAL officials not only hope that
the slimmed-down carrier can be profitable again, but also possibly launch new
businesses such as a low-cost carrier.
JAL stopped short of giving specifics on a low-cost carrier,
and said it was still being studied.
While the turnaround plan would lead to the cut of about
16,000 jobs, JAL officials said some of those reductions would be reached by
selling off subsidiaries.
The plan includes a $6.2 billion debt waiver mainly from
financial institutions and a $4.2 billion investment in JAL by Enterprise
Turnaround Initiative Corp. of Japan.
JAL filed for bankruptcy protection earlier this year,
reporting more than $25 billion in debt.
This report originally
appeared on TravelWeekly.com.