January 19, 2010 / 11:47 AM / 9 years ago

JAL files Chapter 15 proceeding in New York court

Jan 19 (Reuters) - Japan Airlines Corp 9205.T filed a Chapter 15 proceeding in a New York court hours after it filed for bankruptcy protection in Tokyo, court filings showed.

Earlier on Tuesday, the company, owing more than $25 billion, vowed to slash 15,700 jobs in an effort to survive in an industry hit by volatile fuel costs and fickle flyers. [ID:nSGE60I079]

Chapter 15 of U.S. bankruptcy laws deals with cases involving more than one country and allows U.S. courts to recognize the actions of insolvency proceedings in foreign countries. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)

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