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Wednesday, August 5, 2015

Skymark creditors pick ANA to lead turnaround plan, reject Delta proposal, (NYSE: DAL)

ANA Holdings Inc has won creditor backing to lead a turnaround of bankrupt Japanese discount carrier Skymark Airlines Inc, defeating a plan that proposed Delta Air Lines Inc as its sponsor.The victory gives Japan's largest carrier access to Skymark's 36 landing slots at Tokyo's crowded Haneda airport, helping it cement its domestic dominance over Japan Airlines Co Ltd.For debt holders seeking to recoup their money, ANA is "less risky" than Delta, a creditor told Reuters ahead of the decision. ANA operates airlines in Japan, has already discussed business plans with Skymark and is close to Prime Minister Shinzo Abe's government, the creditor added, declining to be identified due to the sensitivity of the matter.

Delta Air Lines, Inc. (Delta) provides scheduled air transportation for passengers and cargo throughout the United States and around the world. Shares of DAL traded higher by 1.356% or $0.62/share to $46.22. In the past year, the shares have traded as low as $30.12 and as high as $51.06. On average, 11927900 shares of DAL exchange hands on a given day and today's volume is recorded at 11268844.