Skymark and ANA Holdings Inc.

civil rehabilitation law: Major Japanese airline group ANA Holdings Inc., one of the would-be investors, hopes that the rule will make it harder for other investors to sell their stakes to major domestic rival Japan Airlines Co., according to sources, according to The Japan Times. Skymark, which went bust in late January by filing for protection from creditors under the civil rehabilitation law, is set to submit a draft of its turnaround program to the Tokyo District Court on Friday. If one of them plans to sell its Skymark shares, it would have to notify other shareholders of the plan in advance, according to the rule. The draft calls for all outstanding Skymark shares to be canceled and issuing new shares worth ¥18 billion under a third-party allotment scheme. The remaining 33.4 percent would be owned by a fund to be formed by the government-affiliated Development Bank of Japan Inc. and Sumitomo Mitsui Banking Corp. Tokyo-based investment fund Integral Corp. is expected to take up an equity stake of 50.1 percent in Skymark through the third-party share placement, and ANA Holdings is seen obtaining 16.5 percent. (news.financializer.com). As reported in the news.