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01-18-2010, 11:50 PM
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#1 | | I contribute to threads in the offtopic forum
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| JAL files for bankruptcy
Wonder what happens to them now. Will they start to suck? *cough* Air Canada *cough* http://news.bbc.co.uk/2/hi/business/8466997.stm Quote:
Japan Airlines files for bankruptcy protection
Japan Airlines (JAL), Asia's biggest air carrier, has decided to file for bankruptcy protection, reports say.
All board members also voted to resign, according to Japanese media. JAL was not immediately available for comment.
JAL shares have fallen to an all-time low, valuing the firm at just $150m - less than the price of a new jumbo jet.
Japan's government says flights will continue as normal as JAL begins restructuring under the supervision of a state-backed turnaround organisation.
JAL started negotiations with the Enterprise Turnaround Initiative Corporation (ETIC) in October last year.
With debts of $16.5bn (£10bn), the airline is set to become one of Japan's biggest corporate bankruptcies.
A third of JAL's workforce - more than 15,000 people - are expected to lose their jobs, the BBC's Roland Buerk in Tokyo says.
Banks will have to write off unsecured debt and JAL will receive an injection of taxpayers' money, our correspondent adds.
While the turnaround plan backed by the government will see the airline continue to fly, investors in the company are likely to lose most of their money.
Along with other major global airlines, JAL has been hit hard by falling passenger numbers during the global downturn.
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01-18-2010, 11:59 PM
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#2 | | Head Moderator
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$150mil for an airline? Damn. Talk about chump change (relatively speaking).
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01-19-2010, 12:07 AM
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#3 | | I WANT MY 10 YEARS BACK FROM RS.net!
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damn that's shocking
love flying with them...friendly service/great food/good looking flight attendants
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01-19-2010, 12:08 AM
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#4 | | ninja edits your posts without your knowledge
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This is actually very sad.
Especially with all the sacrifices the CEO of JAL made during the economic crisis to try to save his company.
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01-19-2010, 12:09 AM
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#5 | | The "You'd Know" Moderator
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All board members also voted to resign, according to Japanese media. JAL was not immediately available for comment.
| The suicide forest at Aokigahara on Mt Fuji awaits them.
Ouch to the banks amortizing the unsecured loans...
__________________
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Ezekiel 25:17. The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of the darkness. For he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers. And you will know I am the Lord when I lay my vengeance upon you. | |
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01-19-2010, 12:11 AM
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#6 | | My AFC gave me an ABS CEL code of LOL while at WOT!
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very sad. there was talks for so long about them nearing bankruptcy and its finally happen.
on a lighter note...sad day for the airline industry, godsend for the a/v industry  | |
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01-19-2010, 12:37 AM
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#7 | | Unofficial Tin Foil Hat Specialist.
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They will not go away. It's not really a sad day? They will just "restructure" the company and it'll be good to go.
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01-19-2010, 12:45 AM
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#8 | | y'all better put some respeck on my name
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Not really shocked, they've been losing money for years. Other carriers are really hurting them in Asian markets.
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01-19-2010, 01:10 AM
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#9 | | RS controls my life!
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Originally Posted by skyxx  They will not go away. It's not really a sad day? They will just "restructure" the company and it'll be good to go. | +1, with that said... Anyone, that's good with stock investments, think this will be a good one to invest in? Posted via RS Mobile | |
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01-19-2010, 01:26 AM
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#10 | | RS.net, where our google ads make absolutely no sense!
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I use to ALWAYS fly with JAL  | |
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01-19-2010, 01:59 AM
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#11 | | Unofficial Tin Foil Hat Specialist.
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Originally Posted by gnat. +1, with that said... Anyone, that's good with stock investments, think this will be a good one to invest in? Posted via RS Mobile | Not for the near future.
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01-19-2010, 03:22 AM
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#12 | | I only answer to my username, my real name is Irrelevant!
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JAL shares have fallen to an all-time low, valuing the firm at just $150m - less than the price of a new jumbo jet.
| wow..... they're such a great airline too i remember being fawned over by all the hot stewardesses as a lil kid and got a bunch of toys
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01-19-2010, 04:38 AM
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#13 | | Diagonally parked in a parallel universe
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Originally Posted by gnat. +1, with that said... Anyone, that's good with stock investments, think this will be a good one to invest in? Posted via RS Mobile | It's a huge gamble and you run the risk of ending up with nothing. When a bankrupt company restructures, shareholders are wiped out and debt is "restructured", usually resulting in the debt holders taking equity in the company. This is assuming the company is worth more as a going concern. Since common shareholders are last in line to collect during bankruptcy, you'll run the risk that you might not get anything at all. The market seems to think that when all is said and done, the "leftover" for the common shareholders will be around 150 M. It's really a crap shoot because you can only roughly estimate what debt holder is going to be willing to take. Most of the time, these debt holders will sell the debt to a third party who will buy that debt from them at a huge discount and then pray that they get more from the company restructuring.
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01-19-2010, 07:11 AM
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#14 | | HELP ME PLS!!!
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wow... that sucks for them
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01-19-2010, 09:42 AM
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#15 | | RS controls my life!
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Originally Posted by 97ITR It's a huge gamble and you run the risk of ending up with nothing. When a bankrupt company restructures, shareholders are wiped out and debt is "restructured", usually resulting in the debt holders taking equity in the company. This is assuming the company is worth more as a going concern. Since common shareholders are last in line to collect during bankruptcy, you'll run the risk that you might not get anything at all. The market seems to think that when all is said and done, the "leftover" for the common shareholders will be around 150 M. It's really a crap shoot because you can only roughly estimate what debt holder is going to be willing to take. Most of the time, these debt holders will sell the debt to a third party who will buy that debt from them at a huge discount and then pray that they get more from the company restructuring. | i see i see! thanks for the input! you just taught me something new, and extremely useful, for the day! (:
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01-19-2010, 09:50 AM
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#16 | | Banned (BBM)
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Question: I have a friend thats in Hong Kong right now and he flew with JAL from YVR to Japan to Hong Kong ( a transfer ). He is coming back this week, does anyone know if he will be able to have a flight back? I've looked all over JAL's website and it doesn't say anything about anything... all the numbers are japanese or weird non-1800 toll free's... Just want to see if anyone here has any info. By the way, his return flight is also a Hongkong to Japan to YVR transfer.
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01-19-2010, 09:58 AM
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#17 | | 無敵
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Yeah, I just got the e-mail from JAL this morning. =[
Love flying with them, great service, drinks, and staff.
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01-19-2010, 10:00 AM
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#18 | | Revscene.net has a homepage?!
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Originally Posted by twitchyzero damn that's shocking
love flying with them...friendly service/great food/good looking flight attendants | try ANA next time  , JAL wont be missed.
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01-19-2010, 10:01 AM
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#19 | | Pull Out Towing. Women rescued for free.
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| Quote:
Originally Posted by TT Question: I have a friend thats in Hong Kong right now and he flew with JAL from YVR to Japan to Hong Kong ( a transfer ). He is coming back this week, does anyone know if he will be able to have a flight back? I've looked all over JAL's website and it doesn't say anything about anything... all the numbers are japanese or weird non-1800 toll free's... Just want to see if anyone here has any info. By the way, his return flight is also a Hongkong to Japan to YVR transfer. | I think your friend is screwed. He's going to lose the $$$ he paid for his flight.
And now he has to spend more $$$ to buy a one way flight from HK to Van.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix Quote:
Originally Posted by tofu1413 and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all. | (11-0-0) Buy/Sell rating Christine Shitvic Pull Out Towing | |
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01-19-2010, 10:36 AM
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#20 | | I bringith the lowerballerith
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Dang... Gonna miss flying with JAL.
Cathay and JAL my favorite 2 airlines...
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01-19-2010, 10:46 AM
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#21 | | Banned (BBM)
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why isnt the japanese government helping them out? isn't it the only Japanese airline?
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01-19-2010, 10:46 AM
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#22 | | Willing to sell a family member for a few minutes on RS
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never flew with jal but i heard good things about them
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01-19-2010, 10:52 AM
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#23 | | Banned (BBM)
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"Please rest assured that your reservations, flight tickets, and all air and land services remain unchanged and will continue functioning normally as JAL undergoes this business revitalization. We look forward to your continued support."
Thank god they are continuing their services.
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01-19-2010, 11:21 AM
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#24 | | I only answer to my username, my real name is Irrelevant!
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| Quote:
Originally Posted by TT why isnt the japanese government helping them out? isn't it the only Japanese airline? | they aren't closing shop.... they're just going into bankruptcy protection so that they dont close shop and hope to restructure and come back strong
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01-19-2010, 01:01 PM
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#25 | | RS controls my life!
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Originally Posted by TT why isnt the japanese government helping them out? isn't it the only Japanese airline? | no they're not the only airline in japan, but they are their biggest!
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