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Old 15th Oct 2008, 12:08
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Join Date: Jul 2008
Location: London
Posts: 92
A way forward?

SkyEurope Holding AG in discussions with shareholder York Global Finance II S.a.r.l for 100% sale of Operating Subsidiary
Bratislava/Vienna 14 October 2008 – As announced on 18 September, SkyEurope Holding AG ("SkyEurope" or "the Company") appointed Rothschild to explore strategic and financing alternatives in order to secure the future and success of the airline. The focus of Rothschild’s work has been and continues to be to search for an investor in or purchaser of the airline. To date, Rothschild has received several preliminary expressions of interest but only one concrete proposal, from SkyEurope's largest shareholder York Global Finance II S.à.r.l. ("York"). York has proposed acquiring for a nominal purchase price all the shares in SkyEurope's operating company, SkyEurope Airlines a.s., and a 3 % share in SkyEurope Hungary Asset Management Limited Liability Company. York will also assume SkyEurope Airlines a.s.' liabilities and certain liabilities of the Company. While Rothschild and the Company will continue to look for alternative investors who might ascribe a higher value to the Company's airline business, the board of SkyEurope has decided that the future of the airline is best served by entering into negotiations with York on the basis of its proposal whilst remaining open for negotiations based on any other concrete proposals in the best interest of the Company. Once completed, the transaction would be followed by a significant capital injection by York to satisfy SkyEurope Airline a.s.’ liquidity needs. The transaction is subject to negotiation, corporate approvals (a notice for an Extraordinary General Meeting will be sent to shareholders shortly) and regulatory approvals.

From skyeurope.com
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