Japan's Skymark submits bankruptcy plan despite creditor opposition

May 29, 2015 8:54 AM

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Japan's Skymark submits bankruptcy plan despite creditor opposition

TOKYO Japan's failed budget carrier Skymark Airlines Inc (SKALF.PK) submitted a restructuring plan for court approval on Friday despite opposition from the two main creditors owed about two-thirds of its roughly 300 billion yen ($2.42 billion) debt.

Skymark plans to enter discussions with creditors to seek to convince them to accept the restructuring plan, a lawyer for the airline told reporters at a news conference in the capital on Friday. The plan, submitted to Tokyo District Court, calls for major creditors to forgive 95 percent of Skymark'...

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