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Integral and ANA to invest $150 million in Skymark Airlines

Staff writer |
Private equity fund Integral Corp. and ANA Holdings will acquire stakes in Skymark Airlines under an 18-billion-yen ($150 million) agreement to help rehabilitate the struggling low-cost carrier.

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Skymark Chairman Takashi Ide and President Masakazu Arimori will resign from their posts as early as in June after the civil rehabilitation plan is approved, the companies said at a joint news conference. Integral, which will provide Ide's successor, will control a 50.1-percent stake in Skymark.

ANA Holdings, parent company of All Nippon Airways Co., will hold a 19.9-percent stake. ANA's influence is expected to strengthen because it will provide Arimori's replacement. The remaining shares will be held by financial institutions, including Development Bank of Japan and Sumitomo Mitsui Banking Corp.

Skymark filed for bankruptcy protection at the Tokyo District Court in January.

Ide and Arimori played central roles in managing the third largest airliner in Japan, along with Shinichi Nishikubo, the former president who resigned in January to take responsibility for Skymark's problems.

Established in 1996, Skymark, backed by government policy support, had been seen as a challenger to the long-standing market dominance of the two big carriers--Japan Airlines Co. and ANA.


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