Skymark files for bankruptcy

Skymark files for bankruptcy Japan’s Skymark Airlines has filed for bankruptcy in the face of fierce completion from true budget airlines and the big two mainline carriers, and the threat of legal action from airbus over a cancelled A380 contract. “The company came to the conclusion that it will be extremely difficult to rehabilitate itself on its own,” the airline said in a statement. President Shinichi Nishikubo also resigned on Wednesday. Skymark said it now has debts of US$603 million and faces possible compensation costs of as much as US$700 million linked to the axed Airbus deal for six A380s. Skymark will delist for from the Tokyo Stock Exchange on March 1.