It is reported that Japan Airlines is preparing to file for bankruptcy as early as January 19th 2010 under a government plan to protect Asia's leading carrier from total collapse.

Reports said that JAL's main creditors are in the final stages of accepting a plan to put the airliner through bankruptcy.

Mr Yukio Hatoyama Prime Minister of Japan said that "We have made an effort to minimize troubles with JAL's operations and will continue to do so in the future."

The plan includes the injection of USD 3.2 billion in revenues into JAL, provided Asia's largest airline files for bankruptcy and creditors agree to waive debt.

The carrier, weighed down by USD 16 billion of debt, applied in October for a bailout by the Enterprise Turnaround Initiative Corp of Japan, a body of specialists that can draw on state-guaranteed funds to aid firms in crisis.

(Sourced from www.presstv.ir)