"Looks like Japan Airline will be trading no more, government has decided not to bail it out..."
Not yet. latest news from Japan:
"Reports in Japan, citing unnamed government officials, say the country's finance minister Naoto Kan, transport minister Seiji Maehara and other cabinet ministers met today.
The reports say this is the final stage of discussions and there are two different plans on the table - one is to have JAL restructure via bankruptcy and the other is to restructure out-of-court."