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AirAsia X restructuring plan backed by first group of creditors -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Air Asia planes were pictured at the Sepang International Airport 2, Kuala Lumpur, Malaysia on September 18, 2019. REUTERS/Lim Huey Teng

KUALA LUMPUR, (Reuters) – Malaysia’s long-haul low cost airline AirAsia X (AAX), announced Friday that all three creditors have agreed to a restructuring plan that would pay 0.5% debt and terminate existing contracts.

Bloomberg News reports that three classes of creditors including Airbus SE, BOC Aviation Ltd, and Rolls-Royce Holdings PLC voted for the plan.

AirAsia X spokeswoman declined to comment, stating that the vote was still ongoing.

Last month, AAX stated that the airline could be liquidated if its creditors refused to agree to restructuring 33.65 billion ringgit (8.1 billion) in liabilities.

According to Reuters’ 127-page explanation statement, the first group of creditors is airports, financial institutions, and maintenance providers.

($1 = 4.1665 ringgit)

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