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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World JAL shares down 81 percent amid feared bankruptcy AP - Wednesday, January 13 Send IM Story Print TOKYO – Shares in Japan Airlines Corp. nosedived 81 percent to just 7 yen (8 cents) Wednesday amid expectations the money-losing airline will file for bankruptcy protection as soon as next week and be removed from the stock exchange. Investors dumped shares in the airline, known as JAL, with the stock plunging 30 yen _ the maximum one-day decline allowed in JAL's stock _ from Tuesday's finish of 37 yen. Asia's biggest airline is set to file for bankruptcy protection as early as Jan. 19, with its shares to be removed from the Tokyo bourse, Japan's top business daily Nikkei and the major daily Asahi said. "Investors are rushing to unload JAL shares before they become worthless. The reports that JAL could be delisted sparked massive selling," said Masatoshi Sato, market analyst at Mizuho Investors Securities Co. Ltd. Trading volume for JAL stood at 823 million shares, over a quarter of Wednesday's total volume of 3.1 billion shares on the Tokyo Stock Exchange's first section. JAL also tumbled Tuesday by its daily limit of 30 yen. The Nikkei 225 stock average fell 144.11 points, or 1.3 percent, to close at 10,735.03 Wednesday. Following JAL's bankruptcy filing, JAL president Haruka Nishimatsu is to resign, according to reports. The state-backed corporate turnaround body responsible for JAL's restructuring has reportedly asked Kazuo Inamori, founder of electronics component maker Kyocera Corp., to head JAL during the restructuring. Inamori met with officials from the corporate turnaround body Wednesday. He said he was confident the airline could return to a solid footing. "JAL can restructure. If the government asks me (to head JAL), I will positively consider it," Inamori told reporters following the meeting. While the Japanese airline is teetering on the brink of bankruptcy, its access to Asia is a prized asset for other airlines. Delta Air Lines Inc. _ the world's biggest airline operator _ and its rival American Airlines are vying for a stake in JAL as they seek to expand their Asian networks. American Airlines, along with its alliance partners, on Tuesday boosted its offer of support to Japan Airlines to keep the money-losing airline with the oneworld family. American, British, Airways, Qantas Airways and Cathay Pacific Airways said they are ready to inject $1.4 billion cash into Japan's flagship carrier, up from $1.1 billion. In addition, they will guarantee $2 billion in revenue over the next three years if JAL stays in the oneworld alliance. Delta and its SkyTeam partners, for their part, have offered $1 billion, including a $500 million equity investment. Following its bankruptcy filing, JAL is to slash about 15,600 jobs _ 33 percent of its group work force _ under a restructuring plan being hammered out by the state-backed corporate turnaround body, Kyodo has said. The turnaround body _ the Enterprise Turnaround Initiative Corp. of Japan _ will ask banks to forgive 350 billion yen ($3.8 billion) of debt owed by the airline, the Nikkei said during the weekend. JAL's debt stood at 1.5 trillion yen, according to its earnings reports in November last year. The Asahi said Monday JAL's debt exceeded assets by 800 billion yen. A JAL spokesman declined to confirm the report. 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