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Skymark's wings clipped as Airbus deal turns sour

Published Wed, Jul 30, 2014 · 10:00 PM
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[TOKYO] Internet entrepreneur Shinichi Nishikubo turned around the unprofitable Japanese budget carrier Skymark Airlines Inc after taking a stake in 2003 and becoming its president the following year. Now, he faces another crisis as a plan to buy Airbus Group NV A380 jets turns sour.

Skymark shares have lost almost a quarter of their value in two days after Airbus decided to cancel the airline's order for six of the superjumbos.

Mr Nishikubo said on Tuesday that the carrier had been in talks with Airbus since April after telling the aircraft maker it needed to alter plans to introduce the plane because of a weaker yen and competition.

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