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Tuesday, January 19, 2010

JAL filed Chapter 15 proceeding in New York (Updated)

Japan Airlines has filed for Chapter 15 proceeding in New York court after filing for bankruptcy in Japan. According to Reuters, "Chapter 15 of U.S. bankruptcy laws deals with cases involving more than one country and allows U.S. courts to recognize the actions of insolvency proceedings in foreign countries." I guess this is the expected results. JAL probably has to file this type of protection in other countries too.

Update: JAL has added a link to the court filing. Here is the link to all the court documents. The first hearing is at 16:00 Eastern Time today (Jan 19 2010).

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