Skymark lenders approve renewal plan backed by ANA
TOKYO: Skymark Airlines Inc.'s creditors approved a rehabilitation plan backed by ANA Holdings Inc. and rejected one that relied on Delta Air Lines Inc., finalizing a path back from bankruptcy for Japan's thirdlargest airline. The plan sponsored by ANA met both necessary conditions in Wednesday's vote in Tokyo, according to Nobuo Sayama, a partner at Integral Corp., the private-equity firm guiding Skymark's turnaround. To win approval, a plan needed the backing of a majority of creditors as well as the support of creditors holding a majority of Skymark's debt.
Wednesday's vote is an important milestone on the road to rehabilitation for Skymark, which filed for bankruptcy protection in January with liabilities of about 300 billion yen ($2.4 billion). The Tokyo-based carrier ran short of cash while trying to pay for Airbus Group SE A380 superjumbos it had ordered, and now seeks to turn a profit by paring costs and ending the use of twinaisle aircraft. Speaking in Tokyo several hours after the vote, Skymark Chairman Takashi Ide said the airline had shown an operating profit for July and would do so in August as well.