The Development Bank of Japan (DBJ) and the Sumitomo Mitsui Banking Corp are set to acquire a combined 33.4% stake in bankrupt Japanese carrier Skymark Airlines (BC, Tokyo Haneda) Reuters has reported.
Inside sources who spoke to the newswire state the banks intend to form their own investment fund paving the way for their entry into Skymark's shareholding. As such, the move will give the two banks the ability to veto major decisions.
Tokyo-based investment fund, Integral, is leading the charge with a 50.1% shareholding in Skymark, while ANA - All Nippon Airways (NH, Tokyo Haneda) parent ANA Holdings announced last month that it would acquire a 19.9% stake in Skymark.
Bankrupt Skymark will see an initial capital of JPY18 billion (USD150.64 million) of which JPY9 billion (USD75 million) will come from Integral, JPY3.5 billion (USD29.29 million) from ANA Holdings, with the two banks making up the remainder.
