ANA Steps In To Save Skymark

Japan’s All Nippon Airways (ANA) has joined forces with investment fund Integral in a bid to save its bankrupt rival Skymark Airlines.

Japan’s All Nippon Airways (ANA) has joined forces with investment fund Integral in a bid to save its bankrupt rival Skymark Airlines.

ANA’s parent company is to buy a 19.9 per cent stake in the defunct low-cost carrier, with Integral set to buy 50.1 per cent.

The firms, alongside other stakeholders, are set to invest a total of ¥18bn ($149m) in Skymark which filed for bankruptcy in January with debts of $603m.

Launched in 1998, Skymark had been Japan’s most successful LCC, but it has struggled in recent years posting a $20m loss for 2013/14 and facing a $700m bill from Airbus after its $2.2bn order for six A380 aircraft collapsed last summer.

TAGS: Asia Pacific
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