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Malaysia's AirAsia X gets shareholder go-ahead for restructuring plan

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Liz Lee, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/06/02/aa.jpg"/><figcaption>Airasia planes are seen parked at Kuala Lumpur International Airport 2, amid the coronavirus disease (COVID-19) outbreak in Sepang, Malaysia, October 6, 2020. <em>Lim Huey Teng, Reuters/File Photo</em></figcaption></figure></div><p>KUALA LUMPUR - AirAsia X Bhd shareholders have approved the Malaysian budget airline&#x27;s debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.</p><p>Shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise 500 million ringgit.</p><p>AirAsia X last October proposed restructuring its 64.15 billion ringgit ($15.6 billion) debt into a principal amount of 200 million ringgit and having the rest waived.</p><p>The airline said in a separate statement that the resolutions were passed with at least a 99.8 percent margin, and marked a major milestone in its restructuring progress.</p><p>&quot;These approvals have been obtained simultaneously with final negotiations being held with creditors,&quot; it said, adding that with advisers New York-based Seabury Capital it had been &quot;in active and productive&quot; talks with lessors and others.</p><p>A Malaysian court in February granted the airline leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme.</p><p>The meeting is scheduled for late July or August, AirAsia X said.</p><p>In March, the court also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring.</p><p>Planemaker Airbus last year joined more than a dozen creditors to challenge the debt restructuring plan, telling the court it stands to lose more than $5 billion worth of orders if the proposal goes through.</p><p>Other challengers include lessor BOC Aviation (BOCA) , which called for a debt-to-equity swap.</p><p>Airbus said it cannot comment on the airline&#x27;s ongoing restructuring plan, while BOCA said it does not comment on individual customers.</p><p>AirAsia X in February proposed a separate restructuring program for its aircraft lessors that aims to address their concerns about forward commercial agreements and the viability of the airline&#x27;s business after recapitalization. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/04/21/cebu-pacific-offering-stocks-tapping-banks-to-sustain-operations-as-pandemic-drags-on">Cebu Pacific offering stocks, tapping banks to sustain operations as pandemic drags on</a></li>	<li><a href="https://news.abs-cbn.com/business/05/11/21/pal-restructuring-chapter-11-bankruptcy-us">PAL says undergoing &#x27;restructuring&#x27; amid reports it would file for Chapter 11 in US</a></li></ul><div><strong>FROM OUR ARCHIVES: </strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/QbyveiuU4ao?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.</p>

AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.

Malaysia's AirAsia X gets shareholder go-ahead for restructuring plan

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Malaysia's AirAsia X gets shareholder go-ahead for restructuring plan

Liz Lee,

Reuters

Published Jun 02, 2021 11:13 AM PHT

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