Law and Legal Update

World’s major airlines, such as Japan Airlines (JAL), bankrupt early last year and consider as the largest bankruptcy in Japan.

JAL helpless bear the burden of corporate debt of about U.S. $ 25.6 billion and filed for bankruptcy protection in Tokyo District Court. The airline was also burdened with the payment of salaries and pensions that continue to swell and non-profit domestic routes must be maintained politically and officially filed bankruptcy protection January 19, 2010.

In the process of restructuring, JAL was forced to lay off 15,661 workers or one-third of JAL’s total permanent employees until March 2013, reducing the rations retired workers, and reduce service routes. JAL also forced to retire early all Jumbo Boeing 747 fleet, amounting to 37 units, 16 units of MD-90s aircraft. Airlines use smaller-capacity aircraft. Read the rest of this entry »

Meredith Whitney, an analyst with U.S. research, which is famous for his accurate prediction of the global debt crisis, stating that the U.S. economy are bound by state and local debt, which is considered the major setback for the country’s economy as a whole in the United States, reported the Guardian.

“Next to housing is the most important issue in the United States and of course the greatest threat to the U.S. economy,” said Whitney.

Debt American cities and the country is estimated around $ 2 trillion dollars as a result, where many cities to cut their public services to compensate for the stains that occur on the country’s economy.

Detroit reportedly has reduced the police, lighting, road maintenance and cleaning services that affect as many as 20% of the population. Read the rest of this entry »