Delta’s rescue bid for Japanese carrier Skymark knocked back
Delta Air Line’s bid to enter the lucrative Japanese domestic market has hit a roadblock.
Creditors of Japan’s struggling Skymark Airlines have blocked the rescue package jointly proposed by Delta and aircraft leasing company Intrepid Aviation.
Instead Skymark creditors have chosen a competing proposal by the parent company of All Nippon Airways which seeks to rehabilitate the airline after it filed for bankruptcy protection in January.
To get approval, a plan required the backing of a majority of creditors along with general support from creditors holding the majority of Skymark’s debt.
Masaru Morimoto, managing director of Delta Air Lines Japan said the decision was ‘disappointing.’
Skymark is the third largest carrier in Japan and holds 36 lucrative landing slots at Tokyo’s Haneda Airport, something Delta was keen to get access to.
Delta does not have a Japanese partner in the SkyTeam alliance or a codeshare partner on domestic routes in Japan.
Morimoto said Delta may discuss a future partnership with Skymark once the airline re-establishes itself.
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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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