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Order HereJapan’s All Nippon Airways (ANA) has agreed to buy up to 20% of bankrupt Japanese low-cost carrier (LCC) Skymark Airlines. The move comes as part of a rehabilitation process for the struggling LCC.
Skymark’s bankruptcy in late January was precipitated by its default on an Airbus order for six Airbus A380s. Airbus recently filed a JPY84 billion ($700 million) lawsuit against the carrier contesting missed payments for the aircraft.
Whether the ANA deal will include a resumption of the A380 order, possibly in Airbus’s recently proposed 11-across high-density seating configuration, is not yet known.
However, ANA is reportedly looking at a potential codesharing option for existing Skymark schedules, and the use of A380s with a potential for up to 700 passengers on domestic Japanese routes would be very attractive given Skymark’s existing market position in Japan.
Skymark currently holds 36 slots for domestic flights at Tokyo Haneda Airport, which would boost ANA’s slot access at the airport to almost 60%—as long as ANA’s holding in the LCC did not go beyond 20%. That would bring a reassessment of slot allocations for the combined ownership company, under Japanese regulations.
ANA is likely to be joined in the Skymark bailout by Integral—a Japanese investment fund, Malaysia LCC AirAsia, public transport operator Nihon Kotsu Co., plus several other smaller players.
If the deal goes ahead, ANA is likely to demand several seats on Skymark’s board as part of any deal. Institutional investors such as the Development Bank of Japan, the Sumitomo Mitsui Banking Corp. and other minority stakeholders have also expressed interest in a stake following a successful relaunch, and prior to a potential initial public offering (IPO).
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereJapan’s All Nippon Airways (ANA) has agreed to buy up to 20% of bankrupt Japanese low-cost carrier (LCC) Skymark Airlines. The move comes as part of a rehabilitation process for the struggling LCC.
Skymark’s bankruptcy in late January was precipitated by its default on an Airbus order for six Airbus A380s. Airbus recently filed a JPY84 billion ($700 million) lawsuit against the carrier contesting missed payments for the aircraft.
Whether the ANA deal will include a resumption of the A380 order, possibly in Airbus’s recently proposed 11-across high-density seating configuration, is not yet known.
However, ANA is reportedly looking at a potential codesharing option for existing Skymark schedules, and the use of A380s with a potential for up to 700 passengers on domestic Japanese routes would be very attractive given Skymark’s existing market position in Japan.
Skymark currently holds 36 slots for domestic flights at Tokyo Haneda Airport, which would boost ANA’s slot access at the airport to almost 60%—as long as ANA’s holding in the LCC did not go beyond 20%. That would bring a reassessment of slot allocations for the combined ownership company, under Japanese regulations.
ANA is likely to be joined in the Skymark bailout by Integral—a Japanese investment fund, Malaysia LCC AirAsia, public transport operator Nihon Kotsu Co., plus several other smaller players.
If the deal goes ahead, ANA is likely to demand several seats on Skymark’s board as part of any deal. Institutional investors such as the Development Bank of Japan, the Sumitomo Mitsui Banking Corp. and other minority stakeholders have also expressed interest in a stake following a successful relaunch, and prior to a potential initial public offering (IPO).
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereJapan’s All Nippon Airways (ANA) has agreed to buy up to 20% of bankrupt Japanese low-cost carrier (LCC) Skymark Airlines. The move comes as part of a rehabilitation process for the struggling LCC.
Skymark’s bankruptcy in late January was precipitated by its default on an Airbus order for six Airbus A380s. Airbus recently filed a JPY84 billion ($700 million) lawsuit against the carrier contesting missed payments for the aircraft.
Whether the ANA deal will include a resumption of the A380 order, possibly in Airbus’s recently proposed 11-across high-density seating configuration, is not yet known.
However, ANA is reportedly looking at a potential codesharing option for existing Skymark schedules, and the use of A380s with a potential for up to 700 passengers on domestic Japanese routes would be very attractive given Skymark’s existing market position in Japan.
Skymark currently holds 36 slots for domestic flights at Tokyo Haneda Airport, which would boost ANA’s slot access at the airport to almost 60%—as long as ANA’s holding in the LCC did not go beyond 20%. That would bring a reassessment of slot allocations for the combined ownership company, under Japanese regulations.
ANA is likely to be joined in the Skymark bailout by Integral—a Japanese investment fund, Malaysia LCC AirAsia, public transport operator Nihon Kotsu Co., plus several other smaller players.
If the deal goes ahead, ANA is likely to demand several seats on Skymark’s board as part of any deal. Institutional investors such as the Development Bank of Japan, the Sumitomo Mitsui Banking Corp. and other minority stakeholders have also expressed interest in a stake following a successful relaunch, and prior to a potential initial public offering (IPO).
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.