Business

Skymark to use Zero's cash reserves

Skymark Airlines Co. said Friday it will merge with Internet service company Zero Inc. on Nov. 1 to boost the discount carrier’s financial base.

Shinichi Nishikubo, who became Skymark’s president in January, is the largest shareholder of both companies, with a more than 40 percent stake in each.

He told a news conference that the merger will allow Skymark to utilize Zero’s cash reserves in paying off Skymark’s debts and upgrading airport infrastructure.

Skymark projects its first-ever annual profit for the year ending in October.

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