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ANA executive stresses ANA’s edge over Delta in Skymark turnaround

  • 2015-07-23 15:00:00
  • , Mainichi
  • Translation

(Mainichi: July 23, 2015 – p. 7)

 

 All Nippon Airways has an advantage in terms of maintenance and other services, said Toyoyuki Nagamine, a member of the board of directors at ANA Holdings, the parent firm of the carrier, in an interview with the Mainichi Shimbun on July 22.

 

 ANA Holdings is offering sponsorship to help rehabilitate Skymark Airlines. Delta Air Lines has also expressed its plan to sponsor the bankrupt Japanese carrier. Nagamine stressed that ANA has an upper hand over the U.S. rival, showing confidence that its turnaround proposal will win the backing of creditors.

 

 Skymark has submitted to the Tokyo District Court a turnaround proposal backed by ANA Holdings and Integral, an investment fund. Meanwhile, its largest creditor, Interpid Aviation, has announced its own plan to resuscitate the Japanese company with the help of Delta.

 

 Creditors of Skymark will meet on August 5 to vote on the two proposals. To win approval, a proposal needs to be supported by a majority in terms of holdings of Skymark’s debts and the number of creditors.

 

 Delta is seeking to win more passengers at a Japanese airport by offering transit services with Skymark. “We have many flights that use Haneda Airport, where Skymark operates,” said Nagamine. “We can offer more convenient transit services than Delta, which flies into Narita Airport.”

 

 ANA is already helping Skymark with maintenance operations. It is also equipped with many engineers who have domestic maintenance licenses. “We can offer maintenance services more quickly than Delta,” said Nagamine.

 

 Along with Integral and several others, ANA Holdings on July 21 sent out creditors a letter stressing its advantages. It is also sending staff to visit the offices of the creditors and talking to them over the phone to solicit support for its turnaround proposal.

 

 “I feel we are in a better position to win support from a majority of creditors,” said Nagamine.

 

 Airbus, another large creditor of Skymark, holds the key. “Delta has a strong influence over Airbus so it will probably remain unknown what the French company is up to until the last moment before a creditor meeting is held,” said Nagamine.

 

 “We have indicated the possibility of procuring Airbus planes in the future, but we cannot make a commitment before the creditor meeting,” he added.

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