Japan Airlines to restructure under new state- backed agency

Ailing Japan Airlines will restructure itself under a state-backed
corporate turnaround firm while the government mulls a special law to
cut the carrier's high pension payouts, reports said Sunday. The
Japanese government, which will announce a turnaround plan for JAL by
the end of this week, will also consider an injection of public
funds after the plan is finalised, the Nikkei business daily reported
without citing sources. Local media reported that the state-backed
Enterprise Turnaround Initiative Corp. of Japan will be in charge of
breathing life back into the carrier. The government launched the
quasi-public agency earlier this month to help debt-laden companies
that are seen as having the potential to recover, designed to ensure
transparency in negotiating debt-relief measures among creditors.