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NEW LOW COST LAUNCH DELAYED BY ALL NIPPON AIRWAYS

Dino D'Amore
By Dino D'Amore Jan 28, 2011 1 mins read
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NEW LOW COST LAUNCH DELAYED BY ALL NIPPON AIRWAYS

All Nippon Airways has stated that it will postpone the start of its low-cost air carrier, First Eastern, until next month or later due to a delay in the final negotiations with investor Hong Kong's First Eastern Investment Group.

ANA and First Eastern are now expected set up a preparatory company in February based on a basic agreement signed in September. The partners will then beef up their investment in the new company in the spring.

ANA will become the top shareholder in the low-cost carrier, with a stake no larger than 40%. First Eastern will control 33.3% at most. The rest will be held by financial institutions and others.

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