Skymark Airlines (BC, Tokyo Haneda) is reportedly planning to abandon a proposed three-way codeshare tie-up with JAL - Japan Airlines (JL, Tokyo Haneda) and ANA - All Nippon Airways (NH, Tokyo Haneda) in favour of finding a strategic partner, carrier bankruptcy documents filed with the Tokyo District Court have shown.
The Zipanguflyer blog states Skymark is looking for a single sponsor airline with which it would "cooperate comprehensively" on "joint fuel purchases, joint crew training, and code-sharing." Though no specific entity was mentioned, AirAsia (AK, Kuala Lumpur International) and Delta Air Lines (DL, Atlanta Hartsfield Jackson) did carry out their own due-diligence assessments of the carrier last year but reportedly scrapped any further plans after then-president Shinichi Nishikubo said Skymark would demand managerial independence.
A shareholders meeting, previously scheduled for December, is now set for February 18.
One positive aspect of the company that could still lure in potential investors is the airline's 36 Tokyo Haneda slots. However, while Japanese law caps foreign ownership of local carriers at 33%, those slots are contingent on the carrier remaining in Japanese hands with them to be relinquished should the carrier's ownership quota exceed 20%.
Skymark's total liabilities stand at JPY71.1 billion (USD606.1 million), not including the estimated USD700 million Airbus (AIB, Toulouse Blagnac) is seeking for a cancelled order of six A380-800s, with its largest creditors now known to be GE Capital Aviation Services (GECAS) (USD125.1 million), Ansett Worldwide Aviation Services (AWAS) (USD116.5 million), the Aviation Capital Group (ACG) (USD63.4 million), and Babcock & Brown (BBAM) at USD63.0 million.
With the Integral Corporation investment fund having extended it finance to help it continue flying in the near future, Skymark has instigated a number of cost-cutting measures including phasing out its loss-making fleet of A330-300s and cancelling outstanding orders for four more aircraft of the type. Starting March 29, it will also rationalize its route network terminating its Sendai-Sapporo Chitose route as well as all services to Ishigaki and Miyakojima.
