ANA - All Nippon Airways (NH, Tokyo Haneda) and several other Japanese firms have expressed an interest in investing in bankrupt budget carrier Skymark Airlines (BC, Tokyo Haneda). Earlier this month, investment firm Integral Corp., committed JPY9 billion (USD58.91 million) into Skymark while leaving the door open to additional investors willing to help in the carrier's turnaround.

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.

According to Japanese media outlets, Skymark has enlisted financial advisory firm GCA Savvian to help find willing partners with the following parties having so far expressed an interest: financial services provider Orix; travel agency HIS Co.; brokerage firm Daiwa Securities Group Inc.; Shinsei Bank; trading and investment firm, Sojitz Corp.; and taxi company Nihon Kotsu.

Those selected will then have until May 29 to devise a suitable rescue plan ahead of its submission to the Tokyo District Court and Skymark's creditors for approval. Should the greenlight be given, Skymark is expected to start implementing the plan from around the end of July.

JAL - Japan Airlines (JL, Tokyo Haneda) has ruled out investing in Skymark with CEO Yoshiharu Ueki telling a news conference that JAL was "in no position to assume the responsibility of becoming another company's sponsor."

Delta Air Lines (DL, Atlanta Hartsfield Jackson), which has also been touted as a possible partner, has also refuted reports linking it to a stake in Skymark. The ZipanguFLyer blog claims the Japanese Civil Aviation Bureau (JCAB) approached the US carrier in spring last year, shortly before Skymark's woes became public knowledge, asking it to assist the airline. The move however, garnered a severe response from ANA and JAL with both carriers lobbying against allowing Skymark's access to 36 Tokyo Haneda slots to fall into foreign hands.

Talks with AirAsia (AK, Kuala Lumpur International), initiated under former Skymark President and CEO Shinichi Nishikubo in early 2014, collapsed in November after the JCAB warned that AirAsia's plans to control more than 20% of Skymark stock would result in the latter losing all its Haneda slots. Though that round of talks stalled, a second began in January in which AirAsia and various Japanese investment funds proposed to reconfigure Skymark's A330-300s into a high density layout for use on international flights. Those talks collapsed when one of the Japanese parties pulled out resulting in the A330s being grounded.

Spring Airlines (9C, Shanghai Hongqiao) and its Japanese subsidiary Spring Airlines Japan (Tokyo Narita) were also said to been keen but failed to finalize a proposal in time.