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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