Skymark filed for bankruptcy protection under the Corporate Rehabilitation Law (equivalent to a Chapter 11 bankruptcy in the United States of America or an administration in the United Kingdom) at the Tokyo District Court in January 2015 after reporting ¥71 billion (or $571.3 million) in liabilities. It announced that Nishikubo would step down as CEO and would be replaced by CFO Masakazu Arimori. Skymark announced that the A330s would be withdrawn from operation in March, and that various services to Okinawa and Kyushu would be eliminated. In an attempt to regain price competitiveness, Skymark introduced a fare of ¥8,000 on the Haneda-Fukuoka route, 1,800 cheaper than the next cheapest competitor, StarFlyer. Skymark was approached by several potential sponsors early in its bankruptcy proceedings, including ANA, AirAsia, Delta Air Lines and American Airlines.