According to reports released on Sunday, Japan Airlines (JAL), currently going through tough times, is looking at possible restructuring.

Sometime this week, the Japanese Government will be announcing a turnaround plan for Japan's international airline.

While, according to Japan's local media reports, the restructuring will happen under the support of the state-backed Enterprise Turnaround Initiative Corp. of Japan, an act which might breathe life back into a failing carrier, the Government is looking at a special law which will require the airline to cut its high pension payouts.

Debt ridden Japan Airlines needs to, as of recent figures, bridge a loan nearly 200 Billion Yen ($2.17 Billion) by the end of 2009. In addition, analysts have predicted that JAL is expected to fall $ 5.5 Billion at the end of the financial year. With the attempted restructuring, the Japanese Government is trying to revive the airline service which is quickly racing towards more losses.

A makeover seems to be a much needed step for JAL which has already received three Government Bailouts since 2001 and is currently seeking another public bailout this year. Also, the carrier has decided to cut down its workforce by 13,000 by March 2015 end, which is 4,000 more than the initial number reported.