Last month Japan Airlines, Asia’s largest airline by revenue, filed for bankruptcy protection after facing a debt load of over $25 billion.
As part of a government bailout, Japan Airlines will layoff 15,700 employees, roughly one-third of their workforce. JAL has asked its employees to make enormous concessions. In response, the company’s biggest union agreed to halve their remaining workers’ pensions in order for JAL to receive government funds. Read more here.
Last month Japan Airlines, Asia’s largest airline by revenue, filed for bankruptcy protection after facing a debt load of over $25 billion.
As part of a government bailout, Japan Airlines will layoff 15,700 employees, roughly one-third of their workforce. JAL has asked its employees to make enormous concessions. In response, the company’s biggest union agreed to halve their remaining workers’ pensions in order for JAL to receive government funds. Read more here.
