Skymark Airlines Inc.’s biggest creditor plans to reject the failed carrier’s plan to have ANA Holdings Inc. take part in its restructuring, according to a source familiar with the matter.
Intrepid Aviation has told those engaged in drawing up the plan of its intention to reject the participation by ANA Holdings, the parent of Japan’s biggest airline, All Nippon Airways Co., the source said Tuesday.
Skymark said last month that ANA Holdings will take up to a 19.9 percent stake and pick its new president as part of its restructuring.
In outlining the plan that Skymark plans to present to the court by May 29, Chairman Takashi Ide also said ANA’s involvement would not hamper Skymark’s key policy to operate as an independent carrier.
Intrepid Aviation, an U.S. aircraft leasing company, is owed about ¥100 billion, about a third of the airline’s total debt of ¥320 billion.
The opposition by the major creditor could affect the reform plan which needs to be approved by creditors owed more than half the overall debt.
Skymark had operated Airbus A330 jets leased from Intrepid. The third-largest Japanese carrier has said it plans to reduce use of that midsize aircraft model and make more use of smaller Boeing 737 planes to improve fleet efficiency.
ANA has said it will support Skymark by providing its know-how in maintaining safe flight operations and starting code-sharing flights. The major airline has a track record of restoring struggling regional airlines, such as Hokkaido International Airlines Co.
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