Intrepid Aviation has approached Delta Air Lines (DL, Atlanta Hartsfield Jackson) among other carriers concerning their possible participation in its proposed rehabilitation programme for Skymark Airlines (BC, Tokyo Haneda) the Kyodo News Agency has reported. The US-based lessor is one of Skymark's largest creditors having filed USD900 million in claims for the struggling Japanese LCC's decision to abandon seven A330-300 lease contracts earlier this year.

In its rival rehabilitation plan submitted to a Tokyo Bankruptcy Court late last month, Intrepid proposes to partner a Tokyo-based investment fund, which will own a 50.1% stake in Skymark, with an alternative airline sponsor other than ANA - All Nippon Airways (NH, Tokyo Haneda). For its part, Skymark has criticized the proposal claiming it lacks clarity while offering creditor's a lower rate of claim repayment (3%) as compared to its own (5%).

Intrepid's move to veto ANA's participation in Skymark's turnaround reportedly stems from the latter's decision not to take over Skymark's seven A330 leases despite a purported gentleman's agreement to do so.

"It is true that we discussed the possible use of Skymark's A330 with Intrepid," Toyoyuki Nagamine, Senior Executive Officer of ANA, was quoted as telling local media by the ZipanguFlyer blog. "And some media are reporting as if we are breaking a promise, but we didn't have any binding agreement. We ourselves are confused by what Intrepid is saying."

Another of Skymark's creditors, Airbus (AIB, Toulouse Blagnac), has also warned that there is a "significant and realistic risk" that Skymark's rehabilitation plan featuring ANA All Nippon as a strategic partner, may not gain the support of major creditors during their meeting in July.

While a proposal must garner approval from the majority of the airline's creditors, Skymark reportedly believes the actual debt owed to Intrepid and Airbus is much lower than claimed. This, in essence, could give the carrier the leverage required to push through its own plan despite Intrepid's and Airbus' objections.

Though there is the looming possibility that Skymark may have to return to the drawing board insofar as a turnaround programme is concerned, Integral has remained optimistic that an agreement with the Europeans can be reached.

“I believe we can obtain approval (from Airbus),” Nobuo Sayama, a representative director at Integral, said. “For that to happen, the efforts of ANA Holdings are indispensable.”

Under Skymark's plan, of the remaining 49.9% shareholding in Skymark, ANA All Nippon parent, ANA Holdings, will take 16.5% with UDS Airlines Investment, an investment vehicle jointly owned by the Development Bank of Japan and Sumitomo Mitsui Banking, taking 33.4%. Of the six executives to sit on the LCC's board, Integral will select three, ANA two, and UDS one with Integral appointing the Chairman and UDS the President.