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Japan Airlines filed petition for reorganization | 11:55 AM GMT, January 21, 2010

As announced yesterday, Japan Airlines Corporation, Japan Airlines International and JAL Capital (collectively JAL) filed a petition to reorganize under the equivalent of Chapter 11 bankruptcy protection as part of the Japanese Corporate Reorganization Act with the Tokyo District Court. Further, the carrier has the backing of the Japanese government and the Enterprise Turnaround Initiative Corporation (ETIC), which is overseeing JAL’s reorganization.

The carrier has stated publicly that it will continue to operate business as usual, which includes all flight schedules and services. In addition, travelers’ frequent flyer miles will remain fully protected and the carrier’s frequent flyer program is expected to continue.

CWT clients are encouraged to monitor the carrier’s website at www.ar.jal.com for the most current information.

CWT will continue to monitor the situation and provide additional information as appropriate.

If you have any questions about the information contained in this Hot News, please contact your CWT representative.