(PTI): Japan Airlines’ (JAL) management has formally announced it will file for bankruptcy protection, a move described as one of the country’s largest bankruptcies.

The decision to file for bankruptcy in Tokyo was made at a meeting of the giant carrier’s board of executives, Kyodo news agency announced Tuesday, quoting an unnamed source at the carrier.

The bankruptcy filing will be followed by a restructuring plan crafted by a government-backed corporate turnaround body.

The nation’s flag carrier is expected to continue flying under a state-backed restructuring plan while undergoing a hard restructuring under which one-third of its workforce will be cut.

The move is an attempt to free the carrier from its $16.5bn debt.

JAL has been bailed out by the Japanese government three times in the past decade.

“The government wants to continue to support JAL to ensure its continued stable and safe operations,” said transport minister Seiji Maehara hours before the expected filing.