Originally Posted by acl65pilot

NEW YORK (MarketWatch) -- Japan Airlines Corp. on Tuesday submitted a bankruptcy-emergence plan to a Tokyo court, according to The Wall Street Journal. The carrier plans to refinance its current debt of about 300 billion yen by the end of March, cut its workforce by about 16,000 to around 32,600 and scrap 49 unprofitable routes, the newspaper said. Elsewhere, Reuters reported JAL will retire 103 aircraft, including all Boeing /quotes/comstock/13*!ba/quotes/nls/ba (BA 61.93, -0.17, -0.27%) 747-400s, Airbus 300-600s, MD-81s and MD-90s. The current fleet is 258. JAL's profit is expected to improve to 117.5 billion yen in the fiscal year through March, 2013, with revenue down 15% to 1.273 trillion yen, the Journal said. JAL last year was the center of a tug-of-war between AMR Corp.'s /quotes/comstock/13*!amr/quotes/nls/amr (AMR 6.17, +0.13, +2.15%) American Airlines and Delta Airlines /quotes/comstock/13*!dal/quotes/nls/dal (DAL 10.37, -0.09, -0.86%) , both of which sought its partnership to obtain a bigger foothold in Asia.