Japan Airlines files for bankruptcy

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Japan Airlines today filed for bankruptcy in an attempt to reverse the fortunes of a once-revered corporate icon now saddled with billions of dollars of debt and a reputation for mismanagement and inefficiency.

The airline’s board decided to place the company at the mercy of a state-led restructuring plan that will require it to shed almost 15,700 jobs and cut more than 30 unprofitable routes.

Full story: Japan Airlines files for bankruptcy | Business |