TOKYO, Sept. 1 (Reuters) – Japan Airlines Corp., a debt-ridden carrier worth no more than a two-decade-old jumbo when it was bailed out by the government in January, said it will retire 103 jets and scrap 49 routes in a bid to return to profit.

JAL also said it would look at creating a low-cost carrier business and the state-backed turnaround body leading the restructuring said relisting the airline by 2013 was an option.

In a turnaround pledge submitted to the Tokyo District Court Tuesday, the flag carrier said the plan, which includes a halt to 10 international routes, would help it achieve an operating profit margin of 9.2 percent by March 2013.

The airline said it had 959-billion yen ($11.3 billion) of debt as of the end of March.

''JAL's flop has caused a lot of trouble to shareholders and financial institutions,'' said Chairman and Chief Executive Kazuo Inamori at a news conference in Tokyo.

''Today is a new start for us,'' added Inamori, the 77-year-old founder of electronic maker Kyocera Corp., who was asked by the government to run JAL after it filed for bankruptcy.

The latest fleet changes include the elimination of all its Boeing 747-400 jumbos, its Airbus A300-600 jets, its McDonnell Douglas built MD81 and MD90 aircraft. When complete, JAL will operate four models rather than the seven it flies now.

JAL agreed with lenders on an 872 billion yen ($10 billion) turnaround plan that waives about a quarter of debt, cuts jobs and grounds planes.

Creditors will forgive 522-billion yen of debt, and a state-affiliated turnaround fund will inject 350-billion yen of fresh capital, the carrier said in a statement in Tokyo today. The Tokyo District Court, which is overseeing JAL’s restructuring, still needs to approve the plan.

The carrier will also cut about 16,000 jobs, halt service on 49 routes and ground 103 aircraft to reduce costs.