Troubled Japanese carrier Skymark is actively searching for a ‘business sponsor’ to lead it out of bankruptcy which could eventually mean its owners cede control of the airline.
Japan’s biggest budget airline applied for protection from creditors a week ago said a sponsor could help it reduce costs and increase revenue, according to a court filing, a Reuters report says.
It made no mention of sponsor names but said it could benefit from fuel and aircraft-leasing consolidation, raising the possibility that rival Japanese carriers including ANA Holdings and Japan Airlines Co could be in the frame.
It could be an attractive proposition for a rival as Skymark owns dozens of valuable landing slots at Tokyo’s busy Haneda airport.
The filing said Skymark could gain bargaining power with joint fuel purchases and increase revenue with a joint ticketing distribution arrangement ‘if a business sponsor is chosen at an early date’.
After Skymark filed for protection, Japanese investment fund Integral Corp said it would consider a rescue plan for the airline, while ANA said at the time it would hold out for for more information before deciding if it would bail the carrier out.
