Japan Airlines (JAL), Asia's biggest air carrier, has filed for bankruptcy protection, in one of the country's biggest corporate failures. The decision was taken after a board meeting in Tokyo today. According to Japanese media, all board members have also voted to resign. Some 15,000 jobs are expected to be cut. JAL has 16.5 billion dollar of debts. Its shares fell to an all-time low yesterday, valuing the firm at just 150 million dollar, roughly the price of a new jumbo jet. The Tokyo Stock Exchange said shares in the carrier would be delisted on 20th February. A state-backed turnaround organisation has said it plans to inject about 3.3 billion dollars into JAL. Japan's government says flights will continue as normal as the airline begins restructuring. Its reorganisation will take place under the supervision of the state-backed Enterprise Turnaround Initiative Corporation (ETIC).