Bankrupt Skymark Airlines Inc. will receive a total of ¥18 billion in aid from investment fund Integral Corp., ANA Holdings Inc. and other lenders as part of its corporate rehabilitation plan, involved parties announced Wednesday.
Tokyo-based Integral, which has already signed a sponsorship agreement with the airline, will take a 50.1 percent stake in Skymark, and ANA Holdings, parent of All Nippon Airways Co., will hold a 19.9 percent share, they said at a news conference in Tokyo. The remainder is expected to be held by smaller sponsors, including Sumitomo Mitsui Banking Corp.
Integral and ANA said they will work to revamp Skymark so it can be re-listed on the Tokyo Stock Exchange within five years.
Skymark President Masakazu Arimori and Chairman Takashi Ide will step down after the carrier's rehabilitation plan is approved by a court and debtors.
New top executives would be appointed by the sponsors in line with the size of their stake in Skymark. A new president would be picked by ANA Holdings and a new chairman would be appointed by Integral.
Integral is meanwhile looking to send representative director Nobuo Sayama to serve on the board of Skymark, possibly as chairman, sources said.
Integral and ANA do not plan job cuts at Skymark. ANA earlier expressed eagerness to support Skymark by providing its know-how in maintaining safe flight operations and starting code-sharing flights.
Skymark filed for court protection in late January amid increased competition from low-cost carriers such as Peach Aviation Ltd. and Jetstar Japan Co. The bankrupt airline will present a rehabilitation plan to the court by May 29.
It has liabilities of about ¥300 billion, according to Sayama. Through rehabilitation, the carrier expects to post an operating profit by July.