The axe has finally fallen at Japan Airlines (JAL) with the beleagured carrier filing for court-protected bankruptcy and turning to Japan’s state-owned Enterprise Turnaround Initiative Corporation (ETIC) for restructuring support. In one of Japan's biggest corporate failures, JAL applied for protection from creditors under the Corporate Rehabilitation Law — Japan's version of the US' Chapter 11 — with the Tokyo District Court. ETIC has confirmed that it will … [Read more...] about JAL succumbs to bankruptcy
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EUROPE & CIS: Aeroflot Cargo put under bankruptcy by parent
The Board of Directors of Aeroflot – Russian Airlines has accepted a proposal of the passenger carrier’s management to initiate bankruptcy procedures against Aeroflot-Cargo, according to Russian media reports. The decision was apparently based on the fact that Aeroflot Cargo, cut loose as a separate entity nearly two years ago has nearly five billion Russian rubles (€115 million) in outstanding debts to Aeroflot – Russian Airlines and given the unfavourable … [Read more...] about EUROPE & CIS: Aeroflot Cargo put under bankruptcy by parent
EUROPE & CIS: Aeroflot Cargo put under bankruptcy by parent
The Board of Directors of Aeroflot – Russian Airlines has accepted a proposal of the passenger carrier’s management to initiate bankruptcy procedures against Aeroflot-Cargo, according to Russian media reports. The decision was apparently based on the fact that Aeroflot Cargo, cut loose as a separate entity nearly two years ago has nearly five billion Russian rubles (€115 million) in outstanding debts to Aeroflot – Russian Airlines and given the unfavourable … [Read more...] about EUROPE & CIS: Aeroflot Cargo put under bankruptcy by parent
