Skymark Airlines files for bankruptcy protection

Dino D'Amore
By Dino D'Amore January 29, 2015 21:30

Skymark Airlines files for bankruptcy protection

Skymark Airlines has filed for bankruptcy protection. President Shinichi Nishikubo is stepping down and will be replaced by CFO Masakazu Arimori. In a report to the Tokyo District Court, Skymark has listed JPY71 billion ($603 million) in liabilities.

Skymark has been unable to compete with the dominance of Japanese rivals Japan Airlines (JAL) and All Nippon Airways (ANA). The cancellation of its A380 order and ensuing legal battle with Airbus over penalties has exacerbated the financial issues for the airline, along with a weak Yen which has pushed up leasing costs.

Skymark will stop flying its five A330s in favour of 737s from next month in a bid to cut costs.

Dino D'Amore
By Dino D'Amore January 29, 2015 21:30