Bankruptcy gets nearer for Japan Airlines, in the form of a government-led turnaround plan...

|By:, SA News Editor

Bankruptcy gets nearer for Japan Airlines, in the form of a government-led turnaround plan (similar to Chapter 11) involving a ¥600B bridge loan, slashed services and a wipeout of existing shareholders. Lenders who favored a different workout are now expected to go with the government plan, which could be approved Tuesday.