Airbus tries to derail Skymark rescue plan
Plane maker Airbus is reportedly opposing the restructuring and rescue plan for struggling Japanese carrier Skymark Airlines.
Airbus is a major creditor of the bankrupt airline, after Skymark pulled out of a major order for Airbus jets and has been unable to pay the penalty fees for the cancellation.
Skymark is in the process of restructuring with support from fellow Japanese carrier ANA.
Airbus has asked the Tokyo district court to grant an extension to the deadline for submitting the restructuring plan.
According to a Reuters report, a source says Airbus will try to block ANA’s plan to take a 16.5% stake in Skymark as a bargaining tool to ‘persuade’ ANA to buy an unspecified number of Airbus jets.
This comes a day after another big creditor, aircraft leasing firm Intrepid Aviation Group, also tried to block the ANA rescue plan.
It is thought the two creditors could work together to delay or stop the ANA-led rescue plan.
Together Airbus and Intrepid Aviation hold more than half of Skymark’s 320 billion yen ($2.6 billion) debt, which is sufficient to scupper the deal.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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