Japan Airlines, once a proud international flag carrier, now crippled by massive debts on Tuesday filed for bankruptcy, in one of the biggest failures in country's corporate history. With its debt running into an estimated $22 billion, JAL's management formally decide to begin bankruptcy proceedings, making the company the biggest failure outside the financial sector since world war 11, Kyodo news agency reported. Asia's biggest airline's shares plunged to an all time low of just three Yens, reducing the market value of the company to just about $90 million, even less than the cost of a single new A-380 jumbo jet. But the airline is said to keep flying with an injection of billions of dollars from public funds, de-listing of its shares from the stock exchange from next month and slashing more than 15,000 jobs. The company has filed for court protection from the creditors, which will be followed up by a restructuring plan crafted by the government.