Skymark secures Y50b in emergency financing to weather pandemic

Skymark Airlines has secured up to Y50b in financing to prepare for a second coronavirus crisis, it was learned Saturday. Skymark has agreed with creditor banks to extend the repayment deadline for an outstanding ¥30 billion loan and establish a Y20b credit line, informed sources said. The funds are intended for use in employee wage and aircraft lease payments, according to the sources. In May, Skymark used up its Y30b credit line with Sumitomo Mitsui Banking Corp., Mizuho Bank and Resona Bank. The company has recently agreed to repay the loan and borrow the same amount from the three banks and the Development Bank of Japan. After the refinancing, the loan repayment deadline will be pushed back from November this year to July 2021. In addition, Skymark agreed to set up a Y20b credit line, boosting the total financial resources readily available to Y50b.<br/>