Apparently the future of Japan Airlines has been pushed into even more doubt after its shares lost over a third of their value in two days. The shares in the Japanese flag carrier closed 24 percent lower at just 67 yen, adding to a loss of 8 percent just the day before that.

Right now it is said that Japan Airlines owes its creditors more than 500 billion yen. This includes losses that the airline received over the last financial year. Some of the creditors that the airline owes includes Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, Mizuho Financial and the state-affiliated Development Bank of Japan.

Seiji Maehara, the Japan’s transport minister, said that bankruptcy is not the only option for the airline at this point. The cabinet is due to meet later today in Tokyo to discuss the airline’s future. Maehara said that a plan to keep the airline flying would be announced when necessary.

Currently Japan Airlines has been bailed out three times by the government since 2001. Despite this, the government said just last week that it would no longer guarantee funding for the struggling airline. The Finance Minister, Hirohisa Fujii, said that the state budget for the next financial year would not include any such loan or guarantee. He did note that this is a mater that should be worked out by private companies. The Development Bank of Japan is wholly owned by the state, but it has the status of a private bank, so the government is not allowed to meddle in its business.

The airline secured an emergency loan from the development Bank of Japan. This loan was given out in November, and it was apparently necessary for the continuance of its flights.