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Thursday, February 18, 2010

JAL was granted US Court protection

Shortly after its bankruptcy filing in the Tokyo District Court, Japan Airlines has filed a Chapter 15 protection in Manhattan court. Yesterday, JAL's protection request was granted.

U.S. Bankruptcy Judge James Peck granted JAL the protection today with no objection against the bid. With the Chapter 15 protection, JAL is protected against US lawsuits from creditors while it is undergoing restructuring under Tokyo's court protection. All JAL's U.S. creditors are now bound by the terms of the restructuring proceeding in Japan.

Source: Business Week

Related Post:
JAL filed Chapter 15 proceeding in New York

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