SkyEurope has completed a 15 million euro financing facility from its largest shareholder, York Global Finance. This loan provides SkyEurope with adequate working capital to continue with the execution of its turn-around plan without diluting shareholders` interests through the issuance of new capital. The loan facility from York is at market terms.
Jason Bitter, CEO said: “We will use the proceeds of this loan to continue investing in our growth and we are pleased with the confidence our long-term investor York has shown in us. This loan confirms the commitment of York to SkyEurope and their belief in our turn-around strategy.”
SkyEurope reported a record profit in the fourth quarter of its previous financial year, following various operational programmes designed to lead the company to profitability.