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The Return of JAL

There are very few success stories in the airline world about bankrupt airlines. The trading of Japan Air Lines (JAL) shares, this week, on the Tokyo Stock Exchange after a two and a half year absence, was welcome news. Generally, when a flag carrier fails, it vanishes. Consider Malev and Pluna this year. When Japan Air Lines failed on January 19, 2010, it had  a phenomenal $US 25 billion in debts. One would have assumed that would be farewell. Instead, the carrier is flying high after its massive $US8.5 billion float on the Tokyo Stock Exchange a few months ago,…

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