Getting your Trinity Audio player ready...

Japan Airlines filed for one of the country’s largest bankruptcies ever Tuesday, entering a restructuring that will shrink Asia’s top carrier and its global presence.

Staggering under a $25.6 billion mountain of debt, the carrier applied for protection from creditors under the Corporate Rehabilitation Law — Japan’s version of Chapter 11.

About $10 billion of government cash will keep JAL’s planes in the air during the reorganization. Lenders will forgive $8 billion in debt, and JAL shares will be removed from the Tokyo Stock Exchange on Feb. 20. There was no word on the outcome of a battle between Delta Air Lines and American Airlines for a slice of JAL’s business.