Japan's woes grow, national airline bankrupt

Japan Airlines is set to file for bankruptcy on Tuesday, writing Japanese history as one of the nation's biggest corporate failures from which it could emerge a leaner, self-sustaining carrier. The country's flagship carrier, called JAL for short, will likely convene a special board meeting in the afternoon before filing for protection from creditors under the Corporate Rehabilitation Law--Japan's version of Chapter 11, according to Kyodo News agency. The filing will be followed by a restructuring plan crafted by a government-backed corporate turnaround body.