A majority of Skymark Airlines (BC, Tokyo Haneda) creditors have voted to back ANA Holdings' Rehabilitation Plan for the bankrupt LCC following a meeting held at a Tokyo District Court on Wednesday, August 5.
At the convocation, Skymark states 60.25% or 135.5 of the 174 of the creditors present voted in favour of ANA Holdings' proposal while Intrepid Aviation's plan garnered only 38.13% or 37.5 votes. 25 creditors abstained.
While initial reports had indicated Airbus (AIB, Toulouse Blagnac) would vote in favour of Intrepid's plan for Skymark to partner Delta Air Lines (DL, Atlanta Hartsfield Jackson), the ZipanguFlyer blog states ANA was, in the last few days, able to reach a deal with the aircraft manufacturer, Rolls-Royce and CIT Aerospace thus swaying their votes.
Quoting local media sources, the blog states ANA pledged to acquire some, if not all, of Skymark's eight Rolls-Royce Trent 900-powered A380-800s while promising to lease additional aircraft from CIT Aerospace in the future.
Under ANA Holdings' JPY18 billion (USD145.3 million) debt-equity swap plan, Tokyo-based investment fund, Integral Corp, will take a 50.1% controlling stake in Skymark with the remainder split between ANA Holdings with 16.5% and the Development Bank of Japan and Sumitomo Mitsui Banking's UDS Airlines Investment with 33.4%.
Of Skymark's new board members, Integral will select three, ANA two, and UDS one with Integral's President Nobuo Sayama appointed Chairman and DBJ's former Managing Director Masahiko Ichie, President.
The initial plan is expected to include code-sharing, joint ticket sales, joint fuel purchases, and joint crew training with ANA - All Nippon Airways (NH, Tokyo Haneda).
