Airline News
Airbus files $700 million claim against Skymark
April 20th 2015
Airbus has filed an 84 billion yen ($700 million) claim with the Tokyo District Court against Skymark Airlines, the latest move in the payment dispute between the manufacturer and the Japanese budget carrier after the airline defaulted on process payments for six Airbus A380s last December. Read More » Skymark ultimately filed for bankruptcy protection in January. It is in the process of crafting a “rehabilitation program” by May 29, which would require approval from the courts and Skymark’s creditors. Apart from Airbus, Skymark said it will owe some 200 billion yen to other creditors by the end of May.
This Week in Asia-Pacific Aviation understands Airbus eventually decided to go ahead with the court proceedings after it failed to reach an understanding with Skymark about the carrier’s leased A330 fleet. Sources have indicated Airbus wanted the A330 to remain a key component in any restructuring plan, but Skymark later said it would cancel or re-assign its lease agreements for the ten A330s to which it had committed.
According to The Nikkei Asian Review, Skymark cancelled the A330 after executives at potential suitor, All Nippon Airways (ANA), advised it to withdraw the twin-aisle jet in favour of a leaner, all-Boeing fleet of approximately 20 B737 jets. That aside, Skymark’s management labelled the rest of ANA’s proposal for the carrier as “shocking” as it would “blunt” its management resources, The Nikkei Asian Review continued.
According to Japanese media reports, Skymark has enlisted financial advisory firm, GCA Savvian to help find partners to support its restructuring, with the following parties so far having expressed interest: financial services provider Orix, travel agency HIS Co., brokerage firm Daiwa Securities Group Inc., Shinsei Bank, trading and investment firm Sojitz Corp. and taxi company Nihon Kotsu.
