TOKYO,  (Reuters) – Japan Airlines Corp filed for  bankruptcy protection yesterday, owing more than $25 billion,  and vowed to slash 15,700 jobs and unprofitable routes as it  tries to survive volatile fuel costs and fickle flyers.

JAL, Asia’s largest airline by revenues, will remain in the  skies thanks to nearly 1 trillion yen ($11 billion) in  state-backed support and must go through a sweeping restructuring  under a new board and management.

Shareholders will be wiped out and creditors will forgive 730  billion yen in debt, including a 350 billion yen debt waiver from  banks, as part of the deal with the fund, the Enterprise  Turnaround Initiative Corp of Japan (ETIC).