Skymark Airlines (BC, Tokyo Haneda) investor, Integral Corp., says it plans to retain the carrier's thirty-six domestic landing and take-off slots at Tokyo Haneda amid reports the bankrupt carrier could sell them off to raise much needed capital.
Earlier this month, Integral said it would commit at least JPY9 billion (USD58.91 million) into Skymark under a debt-equity swap scheme, JPY3 billion of which will be used to pay off overdue landing fees at Haneda airport. In its January filing for bankruptcy, the carrier said its total liabilities stood at JPY71.1 billion (USD606.1 million), not including the estimated USD700 million Airbus is seeking for a cancelled order of six A380-800s.
Under Integral's guidance, Skymark will first seek additional investors to aid in its turnaround before embarking on a fully-fledged business recovery plan by the end of May.
"Potential co-sponsors interested in supporting Skymark jointly with Integral, regardless of industry or form of support, whether financially or strategically, will be sought and selected, followed by formulation of a Rehabilitation Plan under the supervision of the respective court and court-appointed supervisors," Integral said.
Skymark will be delisted from the Tokyo stock market on March 1 paving the way for its renewal. Once complete, Integral partner Nobuo Sayama told Bloomberg news in an interview last week that his firm would would consider either relisting Skymark or selling it outright.
The Tokyo-based investment firm says the plan will focus on cutting costs and streamlining operations as opposed to selling off its assets, among which are its sought-after Haneda slots, said to generate about USD612 million in annual revenue. Skymark's chairman Takashi Ide last week said among the innovative options being considered include using the carrier's fleet of grounded A330-300s for international flights.
