Skymark Submits Bankruptcy Plan

Skymark Airlines submitted a restructuring plan for court approval on Friday despite opposition from the two main creditors owed about two-thirds of its JPY¥300 billion (USD$2.42 billion) debt.




Skymark plans to enter discussions with creditors to seek to convince them to accept the restructuring plan, a lawyer for the airline told reporters at a news conference in the capital on Friday.

The plan, submitted to Tokyo District Court, calls for major creditors to forgive 95 percent of Skymark's debt.

The two biggest creditors, Airbus and aircraft leasing company Intrepid Aviation, have both threatened to block ANA from buying a 16.5 percent stake in Skymark, a feature of the restructuring plan.