Japan Airlines was forced into bankruptcy and in 2010 Kazuo Inamori became the new chair of the company who was struggling in the bankrupt state. Even as the new chairman of the company, he boldly shared that the airlines had such bad service he refused to fly with them. An Inamori share that not only was their service horrible, but the company itself had an arrogant air about them that made the customers feel as though they were unappreciated.
Inamori’s assessment about the company could very well be one of the many causes that led this company into debt. As the new chairman, he is making many changes both physically to the company and their products as well as financially. Realizing that beating competitors not only means cheaper prices but also providing a better service, Inamori has been making a lot of changes to the actual makeup of the planes. Some of these changes included new seats throughout the whole plane, better flight menus, as well as electric toilets in the business and first class seating areas.
A consultant for aviation notes that when most airlines go through debt and bankruptcy, they make the smallest changes and settle for less in order to get out of the pits. Japan Airlines did just the opposite; they actually climbed the latter of success by making their product even more high class than before. JAR has only been in bankruptcy for a little over three years and yet they are quickly rising back to the top with their company makeover.
While they may have had one of the largest bankruptcies in their country, they are soaring out of it much quicker than expected; it is believed that they will make their way quickly back up in the stock market as well. JAR filed for bankruptcy in January of 2010, with $25 billion in debt, literally up to their necks. With the profits they have made from their company improvements, their debt has been wiped clean, making not only one of the biggest plummets financially in Japan, but also one of the greatest comebacks as well.
Filing for bankruptcy, especially for a big company can be risky business, and yet with the proper planning and reorganization of goals, it is possible to not only come out of the debt, but also rise successfully as well. If you have questions or concerns regarding filing for bankruptcy, contact the Malaise Law Firm today for more information. We have years of experience helping individuals and businesses who are struggling in debt come out again. Making the choice to file for bankruptcy is a big step, but it is also a decision that will allow you to begin your journey to debt recovery. The path may not be easy, but it will be worth it in the long run when you are debt free!