The very first details of the Japan Airlines restructuring plans have just recently emerged since the company filed for bankruptcy. The airline has announced its plans to cut employee pay by fiver percent and eliminate bonuses for the fiscal year of 2010.

The airline filed for bankruptcy back in January of this year. The company was subsequently placed under the oversight of the Enterprise Turnaround Initiative Corporation of Japan. Proposals have been presented to the unions representing staff at the ailing airline.

Japan Airlines went bankrupt with over $26 billion of debt earlier this year. The new Democratic administration promised an investigation into a potential cover-up by the former government. Yukio Hatoyama, the Prime Minister, and his Democrats are expected to establish an investigation to examine whether the national flag carrier exploited ties with either the transport ministry or the former conservative government.

This move comes just after the government announced a $3.3 billion injection of public funds and fresh emergency loans of $6.6 billion for Japan Airlines. Shares in the Japanese carrier were officially desisted from the Tokyo Stock Exchange on Saturday. They closed their last day of trading at just ¥1

This move, of course, resulted in shareholders losing their investments in the company, whose shares previously hit highs of ¥366 for the airline. Japan Airlines was established as a government-owned entity in 1951. However, it became fully privatized in 1987.

There is going to be a lot of work on this airline in the coming months. If Japan Airlines has any chance of staying alive, then it is going to have to follow every step of its restructuring plan.