JAL announces rescue plan
Written by Fju at 31/08 2010, 12:53 - 0 comments
Creditors have agreed to waive 88% of liabilities while the airline has agreed to cut 16,000 jobs, axe 49 unprofitable routes and shrink its fleet.
At the same time, it is revealed that none of the airline's former managers are likely to face legal action even though an investigation found there were problems in managerial judgement and corporate governance.
The Compliance Investigation Committee said there was a lack of responsible initiatives and managerial judgement by top management and a company-wide lack of risk awareness, but it came to the conclusion that it would be difficult to find former managers legally liable under criminal or civil laws.
