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Bankruptcy in the air for JAL

Japan Airlines (JAL) is expected to file for a pre-packaged bankruptcy tomorrow, similar to that used last year by General Motors.
Seiji Maehara, Japan’s transport minister, has said tomorrow will be “X day” for JAL when a rehabilitation plan for the debt-laden carrier is expected to be announced.
Speculation has mounted over which of its two US suitors, Delta Air Lines or American Airlines, will be chosen.
The government has promised to keep JAL flying during its court-protected restructuring.