Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

ANA to get Airbus backing as creditors vote on Skymark sponsor - sources

Published 05/08/2015, 03:19
Updated 05/08/2015, 03:26
© Reuters. People are silhouetted past a logo of the Airbus Group during the Airbus annual news conference in Colomiers
AIR
-
RR
-
DAL
-
9202
-
9201
-

By Maki Shiraki and Tim Kelly

TOKYO (Reuters) - ANA Holdings Inc (T:9202) will get the backing of Airbus Group (PA:AIR) in a crucial vote by creditors on Wednesday to pick a sponsor for bankrupt Japanese discount carrier Skymark Airlines Inc [SKALF.PK], three sources with knowledge of the matter said.

That increases the likelihood that ANA will win the sponsorship role as creditors choose between a plan led by Japan's biggest carrier and a rival proposal for Delta Air Lines (N:DAL) to help turnaround the failed carrier.

Creditors will vote in two rounds - the first where each vote is weighted to the amount each creditor is owed, while the second will give each of the 197 creditors an equal vote. A plan must gain a majority vote in both rounds for a sponsor to be approved.

A decision is expected at 2.30 p.m. Tokyo time (0530 GMT). The sources declined to be identified ahead of the vote. A spokesman for Airbus declined to comment.

At stake is access to 36 landing and take off slots at Tokyo's crowded Haneda airport which are operated by Skymark and which would help ANA cement its growing domestic dominance over local rival Japan Airlines (T:9201).

For Delta, a win would give it a base at Asia's second-busiest hub and a bigger presence in Japan were it does not have an alliance partner.

Airbus is Skymark's second biggest creditor with 28.9 percent of its debt. The Delta plan has been put forward by leasing firm Intrepid Aviation which has 38.1 percent of its debt.

An official in Tokyo for Skymark's No. 3 creditor, jet engine maker Rolls-Royce Holdings (L:RR) which has 15.7 percent of its debt, declined to comment.

ANA, its affiliates and partners together have about half of the 465 domestic slots at Haneda. JAL controls 184.5 of the daily landing rights.

© Reuters. People are silhouetted past a logo of the Airbus Group during the Airbus annual news conference in Colomiers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.