Sky­mark lenders ap­prove re­newal plan backed by ANA

The Pak Banker - - COMPANIES/BOSS -

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.

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