ANA has agreed to co-sponsor the rescue plan for the bankrupt Japanese budget carrier Skymark Airlines, reaching a basic agreement to take 19.9 per cent interest and help in the turnaround effort.

Skymark Airlines solidified the plan Tuesday involving ANA and investment fund Integral, which had earlier agreed to sponsor Skymark. Key aspects of the arrangement will be announced later this afternoon.

The reason for keeping ANA’s stake under 20 per cent is that anything more substantial would cause the Land, Infrastructure, Transport and Tourism Ministry to consider Skymark an ANA subsidiary, which would cause a reassessment of the companies’ slot allocations at Haneda Airport.

 ANA has invested in other low cost carriers in the past, including Solaseed Air and Air Do.