Skymark, Japanese budget carrier, applies for TSE relisting

Yomiuri Shimbun file photo
A Skymark aircraft takes off from Haneda Airport in Tokyo in August 2021.

Skymark Airlines, the budget carrier that went bankrupt in 2015, has applied to be relisted on the Tokyo Stock Exchange, The Yomiuri Shimbun has learned.

As restrictions imposed during the COVID-19 pandemic are eased and people are starting to travel more often, Skymark is aiming to strengthen its financial foundation with a view to expanding its route network.

The Tokyo-based airline could be relisted as soon as this year, according to some observers.

Skymark sank into the red due to intensifying competition among other reasons and filed for bankruptcy protection under the Civil Rehabilitation Law in 2015.

By withdrawing from unprofitable routes and reducing its fleet, Skymark cut costs and improved its business performance. Before the pandemic battered Skymark and plunged its operations into difficulty again, the company had hoped to be relisted.

Skymark has been shoring up its financial base through steps such as capital boosts underwritten by existing shareholders.