Japanese media reports claim Airbus (AIB, Toulouse Blagnac) has joined US lessor Intrepid in attempting to block ANA Holdings from acquiring a 16.5% stake in struggling LCC Skymark Airlines (BC, Tokyo Haneda), revised downwards from the original 19.9%.
According to the ZipanguFlyer blog, as with Intrepid, the European manufacturer's move against ANA Holdings stems from the ANA - All Nippon Airways (NH, Tokyo Haneda) parent's alleged decision not to implement a pledge to take up Skymark's A330-300s and cancelled A380-800 order in return for their support for its turnaround plan. Much to Airbus' irritation, since filing for bankruptcy, Skymark has transitioned to an all-Boeing (BOE, Washington National) fleet operating twenty-seven B737-800s in total.
As two of Skymark's largest creditors claiming a total of USD1.6 billion for the cancellation of seven A330 leases and six A380s on order respectively, Intrepid and Airbus have the power to veto a corporation rehabilitation plan which is set to be presented to a Tokyo District Court for approval on Friday, May 29. However, given the need for more negotiations between the parties involved, it is likely that date will be pushed back to July.
In April, Skymark, Integral Corporation, and ANA Holdings signed a Memorandum of Understanding (MoU) in which the Tokyo-based investment fund would take a 50.1% controlling stake while the remainder would be split between ANA Holdings and its affiliates with ANA All Nippon Airlines owning 16.5% and the Development Bank of Japan and Sumitomo Mitsui Banking holding a combined 33.4% stake.
The initial plan is expected to include code-sharing, joint ticket sales, joint fuel purchases, and joint crew training with ANA.
