Airline News
Skymark deal brokered
May 25th 2015
As part of Skymark Airlines’ continued rehabilitation, ANA Holdings Inc., the parent of All Nippon Airways (ANA), will acquire a 16.5% stake in the bankrupt carrier. Read More » Private equity firm Integral Corp. will take the majority 50.1% stake and lead the airline’s reconstruction, while the remaining 33.4% will be held by Sumitomo Mitsui Banking Corp., and government-affiliated Development Bank of Japan.
ANA Holdings and Integral have agreed they would share the right to name Skymark’s president, while Integral would be entitled to appoint three of Skymark’s six board members, including its chairman. The final deal must be submitted to the Tokyo District Court by May 29.
Japanese media reports have suggested ANA decided against obtaining a larger stake to reduce the perception that it will have a strong influence on Skymark’s management. However, ANA’s investment gives it access to highly coveted slots at Tokyo's Haneda, where it already controls more than half the slots, strengthening its lead there over Japan Airlines (JAL). In April, it emerged ANA would assume the long-term leases of Skymark’s five stored A330-300s under a letter of intent signed with Intrepid Aviation. The fate of Skymark’s now cancelled A380s remains uncertain. There has been talk of their use on domestic routes, but A380 operations are banned at Haneda from 6am to 11pm.
