TOKYO -- Japanese budget carrier Skymark Airlines says its liabilities will total just under 9 billion yen ($75 million), wiping out more than 90% of the roughly 310 billion yen in debts reported by creditors.
The largest creditors are U.S. aircraft-leasing company Intrepid Aviation and European aircraft manufacturer Airbus. Intrepid has filed a claim for around 104 billion yen, while Airbus has put its figure at some 85 billion yen.
Skymark is apparently refusing to acknowledge these claims as part of its reassessment of liabilities, saying that such debt does not exist or that the evidence is insufficient.
Airbus and Intrepid had aircraft-purchasing and -leasing contracts with Skymark that were later canceled. As a result, the companies reported damages and lost profits as claims.
Creditors can seek an assessment by the court if they disagree with Skymark's positions. The court will use reports from third-party assessors to determine the amount of liabilities.