Bankrupt Japanese carrier Skymark Airlines Inc. said Monday that its largest creditor has submitted a plan for the airline’s rehabilitation to a court, rivaling the one submitted by the debtor late last week.
The plan submitted by U.S. aircraft leasing firm Intrepid Aviation opposes Skymark’s plan, which reflects the agreement of ANA Holdings Inc., parent of Japan’s biggest airline, All Nippon Airways Co., to sponsor the rehabilitation.
In a statement, Skymark said the feasibility of the Intrepid plan, which was presented to the Tokyo District Court on the same day as the Skymark plan, “is not clear at all” and offers a lower repayment rate for creditors’ claims.
Skymark expressed confidence that if the court approves both plans, a majority of creditors would give their consent for its rehabilitation plan at their meeting in July.
At a news conference, ANA Holdings President Shinya Katanozaka said his company expects to work effectively as a rehabilitation sponsor and is convinced that the Skymark plan is the best.
The Skymark plan centers on a new capital injection from ANA, investment funds and others after it filed for court protection in January amid tough competition from rising low-cost carriers.
Skymark’s other main creditor, Airbus S.A.S., is also resisting the failed carrier’s plan and may reject it unless it is revised.