Kirkland & Ellis has landed a global mandate advising Japan Airlines (JAL) on its bankruptcy proceedings.

The firm is fielding a team from Chicago, London and Hong Kong to advise the airline on one of the country's largest corporate failures.

Kirkland has been instructed to advise the carrier and oversee advice in Europe, the US and Australasia. The firm's team includes London restructuring partners Kon Asimacopoulos and Partha Kar, Munich partner Leo Plank and Hong Kong restructuring partner Helena Huang.

Meanwhile, US matters are being led by a team headed by Chicago-based restructuring partners James Sprayregen, David Seligman and Ryan Bennett. Steptoe & Johnson is handling US regulatory matters, with Washington-based regulatory partner William Karas leading. JAL has also appointed local firm Nishimura & Asahi, where bankruptcy partner Hideki Matsushima is at the helm.

JAL filed for corporate reorganisation proceedings – which is modelled on US Chapter 11 – in Tokyo on 18 January, with the airline holding debts of some Y2.3trn (£15.4bn). The company, part of the Oneworld Alliance, is expected to cut around 15,600 jobs as part of the restructuring.

State-backed fund the Enterprise Turnaround Initiative Corporation is overseeing the restructuring plan, turning to Eiji Katayama, a name partner at Japanese firm Abe Ikubo & Katayama. Under Japanese bankruptcy law, Katayama is likely to be appointed as trustee for JAL.

The Oneworld Alliance includes JAL, British Airways and American Airlines (AA) , although according to reports JAL may join Delta Air Lines in the rival Sky Team.

The American Lawyer reported that AA has turned to Jones Day for advice, with regulation and aviation partner Andrew Steinberg and antitrust partner Bruce McDonald in Washington and Tokyo-based M&A partner Nobutoshi Yamanouchi advising.