OKYO (AP) -- Japan will announce a restructuring plan for money-losing Japan Airlines Corp. on Jan. 19, reports said Friday, as Asia's biggest airline teeters on the brink of bankruptcy.

Transport Minister Seiji Maehara confirmed the date during a meeting with Prime Minister Yukio Hatoyama, public broadcaster NHK and Kyodo News agency said. Officials at the ministry and the prime minister's office could not confirm the reports.

The date for revealing details of the restructuring is the same day the airline, known as JAL, will reportedly file for bankruptcy protection.

JAL has suffered amid the global slowdown, competition from Japanese rival All Nippon Airways Co. and a spate of safety lapses that tarnished its image.

Its debt stood at 1.5 trillion yen ($16.5 billion), according to JAL's earnings reports in November last year. Japan's top business daily Nikkei and the major daily Asahi have said JAL's debt exceeded assets by 800 billion yen.

The bankruptcy filing is part of the restructuring plan being hammered out by the government-backed corporate turnaround body, which is responsible for JAL's reconstruction.

The restructuring plan also calls for about 15,600 job cuts -- a third of JAL's work force -- and will require the airline, once a proud flag-carrier, to cut the number of flights at home and abroad, according to Kyodo.

While JAL is heading toward bankruptcy, its access to Asia is a prized asset for foreign airlines.

Delta Air Lines Inc. -- the world's biggest airline operator -- and its rival American Airlines are courting JAL with massive financial offers as the U.S. carriers seek to expand their Asian networks.

Delta and its SkyTeam partners have offered $1 billion, including $500 million in cash.

American Airlines, which wants to keep JAL within the oneworld family, and its alliance partners said they are ready to inject $1.4 billion cash into the Japanese airline, up from a previous $1.1 billion offer.

JAL is reportedly to be removed from the Tokyo Stock Exchange following the bankruptcy filing, triggering massive sell orders during the week.

Shares in JAL dropped 12.5 percent Friday to close at just 7 yen -- a staggering plunge from JAL's closing price of 213 yen at the beginning of 2009.