ANA will fund rescue bid of Skymark
ANA Holdings, parent of All Nippon Airways, will invest in troubled low cost carrier Skymark but Japanese regulators will probably impose a time limit on any deal to maintain a competitive market.
Transport Ministry reportedly told ANA that it can only invest in Skymark for up to five years, a rule ANA wants to challenge.
"We want to contribute to the healthy development of a domestic airline industry that has a solid foundation," an ANA executive said of the company’s decision, ANA said in a statement.
Most aviation analysts believe the true reason behind a rescue plan for Skymark is to gain access to its coveted slots at Haneda Airport in Tokyo.
When Skymark filed for bankruptcy protection under the Civil Rehabilitation Law debt was put at ¥71.1 billion.
This does not include a breach of contract fine imposed by Airbus for cancelling an aircraft order.
Over 20 other companies had proposed support for Skymark, including travel company H.I.S and Orix Corp, a major leasing company.
Contrary to earlier media reports, US carrier Delta Air Lines and American Airlines have not offered support for Skymark.
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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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