Skymark Airlines (BC, Tokyo Haneda) says a Tokyo Bankruptcy Court has given it the greenlight to has exit bankruptcy administration with the upcoming payment of its last instalment to creditors.
Under ANA Holdings' JPY18 billion (USD145.3 million) debt-equity swap plan agreed to in August last year, Tokyo-based investment fund, Integral Corp, acquired a 50.1% controlling stake in Skymark with the remainder split between ANA Holdings with 16.5% and the Development Bank of Japan and Sumitomo Mitsui Banking's UDS Airlines Investment with 33.4%.
"In light of the fact that we have performed the additional (final) repayment of the rehabilitation claims and are expected to eventually complete the repayment of all rehabilitation claims, the Tokyo District Court issued an order revoking the supervision order and closing the rehabilitation proceedings for Skymark today," the carrier said.
Skymark has used bankruptcy protection to restructure its operations and streamline its fleet to a single type consisting of twenty-six B737-800s serving nine destinations across Japan from its Fukuoka, Kobe, and Tokyo Haneda hubs.
Buoyed by its revised operating model and lower fuel costs, the LCC expects a JPY1.5 billion (USD13.1 million) operating profit for the current financial year which ends on March 31.
Going forward, Skymark's Vision 2025 business plan envisages the launch of international routes as well as a return to the stock market with an IPO planned for 2020.
