TOKYO: Japan Airlines shares plunged to an all-time low of just five US cents Monday on the eve of an expected bankruptcy filing by the carrier, which is crippled by massive debts.

JAL shares slid two yen, or 28.6 percent, to five yen (five US cents) by early afternoon as investors bailed out ahead of an announcement Tuesday on a state-backed restructuring package for the troubled airline.

The market value of the once-venerable carrier now stands at just 150 million dollars, less than the cost of one new jumbo jet.

While the government has pledged to do its utmost to ensure the airline keeps flying during restructuring, equity investors are expected to lose most or all of their money if the company files for bankruptcy.

In the meantime, many short-term speculators are trading the shares to try to make a quick profit, dealers said.

"This has become a pure money game," said Masatoshi Sato, strategist at Mizuho Investors Securities. "There is really no meaning to the level of the shares."

JAL's stock has plunged 95 percent over the past three months. Its highest share price since it began merging operations with small domestic carrier Japan Air Systems was 366 yen, seen in 2003.

JAL, which lost about 1.5 billion dollars in the six months to September, has already received an emergency loan from a state-backed bank and is seeking more public aid in the face of mounting debts.

According to Japanese media, the company is set to receive an injection of government funds worth several hundred billion yen (several billion dollars) under a turnaround plan that would see it file for bankruptcy.

At the same time JAL's creditor banks are expected to be asked to forgive loans worth several hundred billion yen.

The airline is reportedly set to slash more than 15,000 jobs and sell non-core assets such as hotels to stem massive losses.