print PRINT

POLITICS

A range of businesses declare bids for sponsoring Skymark

  • 2015-02-20 15:00:00
  • , Nikkei
  • Translation

(Nikkei: February 20, 2015 – p. 13)

 

 Skymark attracted some 20 companies as candidates for helping it turnaround when its application deadline closed on Feb. 19. Of them, H.I.S., Orix, Daiwa Securities Group and Shinsei Bank have offered to extend financial support. The airline, which is seeking bankruptcy protection under the Civil Rehabilitation Act, will examine their applications to narrow down candidates.

 

 H.I.S. Chairman Hideo Sawada founded Skymark Airlines, the predecessor of the struggling carrier, in 1996 when he was president of the travel agency. He withdrew from management when Shinichi Nishikubo became president in 2004.

 

 H.I.S. sold its ownership stake in Skymark when the company filed for bankruptcy protection. Its share of stock in the airline has dropped to about 1%. It expects that helping the troubled airline will create synergy for tours it sells.

 

 Orix is looking to help Skymark use its knowhow in aircraft leasing operations. Daiwa Securities Group hopes to invest in the company for returns.

 

 Transportation firms, such as Fukuyama Transporting Co. and Nihon Kotsu, eye non-financial aid. Trading house Sojitz and IT businesses have also applied to sponsor Skymark in operations. These companies may switch to extending financial support if certain conditions are met.

 

 Skymark has already entered into a sponsorship contract with Integral, an investment fund. GCA Savvian, a financial advisor to the airline, had approached over 100 companies, including airlines and trading houses, to solicit sponsors broadly.

 

 The deadline for sponsorship application for domestic and foreign airlines is set at Feb. 23, as they need to submit detailed plans. Skymark wants to select sponsors within this month, but the selection may be delayed into early March.

  • Ambassador
  • Ukraine
  • OPINION POLLS
  • COVID-19
  • Trending Japan