• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

With progress in creditor talks, Malaysia’s AirAsia X targets end-Oct meetings

September 17, 2021 by David Barret Leave a Comment

September 17, 2021

By Liz Lee

KUALA LUMPUR (Reuters) – Malaysia’s AirAsia X Bhd (AAX) has made “substantial progress” in its months-long talks with creditors as it aims to convene meetings with them to vote on a restructuring scheme by the end of October, its chief executive said.

CEO Benyamin Ismail told Reuters in a phone interview that negotiations and discussions with lessors, planemaker Airbus SE and service providers have progressed, but declined to detail what have been agreed on.

The airline, an affiliate of AirAsia Group, has also been talking to potential investors for its recapitalisation, and hopes to complete discussions by the end of the year.

“We plan to raise funding in December and get that completed as soon as possible. We’re talking to everybody, we’ll get more colour towards the year-end,” Benyamin said, declining to reveal details about the potential investors but adding that there were more than a handful of them.

Benyamin said talks with creditors are in the final stages and all have indicated they want to see the airline proceed with its restructuring.

“We’re quite confident that we’ll get this through. The main commercial terms are already out of the way,” he said, referring to negotiations with lessors. There were no objections to a proposal to move engine maker Rolls-Royce Group into the same classification as most other creditors, he added.

In a court document filed on Monday, AAX said negotiations are still afoot but “various letters of undertaking have been secured” from creditors.

Many lessors have already struck other agreements with Southeast Asian airlines to take back planes early or reduce rates, at least temporarily, to help them survive the plunge in air travel caused by coronavirus pandemic.

“Drafts of the lock up agreements and term sheets were sent to the lessors on (May 18). The lessors are presently in the process of reviewing them,” AAX said.

The airline told the court that it has received signed letters of undertaking from three large creditors to support and vote for the scheme, namely Honeywell International, Bridgestone Aircraft Tire Company and Sky High I Leasing Company.

AAX proposed last October to restructure 64.15 billion ringgit ($15.43 billion) of debt, a plan that drew objections from more than a dozen of creditors, many of whom are lessors.

Airbus,the airline’s biggest creditor, filed a suit in December https://ift.tt/3nCUMgd saying it stands to lose more than $5 billion worth of orders if the scheme goes through. It declined to comment on the restructuring process.

This week, the court granted AAX an extension https://ift.tt/2XnuOSS to hold its creditors meetings by March next year, when a restraining order https://ift.tt/3ziDkj5 preventing creditors from filing fresh lawsuits against the airline expires too.

($1 = 4.1570 ringgit)

(Reporting by Liz Lee; Editing by Lincoln Feast.)

Source Link With progress in creditor talks, Malaysia’s AirAsia X targets end-Oct meetings

David Barret
David Barret

Related posts:

  1. China has asked internet firms to rectify link blocking issues -official
  2. Motor racing-Ricciardo earns drive in Earnhardt’s car, thinks of Senna
  3. Pandemic’s shift to remote wellness helps Numan raise $40M Series B led by White Star
  4. JumpCloud raises $159M on $2.56B valuation for cloud directory tool

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • These May Be The First Animals To Evolve On Planet Earth, Skin Cells Have Been Used To Create Fertilizable Eggs, And Much More This Week
  • The Largest Eagle To Ever Live Had A 3-Meter Wingspan And Ate Moa For Lunch
  • “Tangy And Herbaceous” Yogurt Made With Forest Ants – And They’re Not For Extra Protein
  • This Bizarre Jurassic Reptile Is A Weird Mix Of Snake And Lizard
  • Mummified Cheetahs, Skin Cells Turn Into Eggs, And Almost Life On Enceladus
  • Three Green Comets Are Heading Our Way Right Now – Including The Best Of 2025
  • You Can Make Lab-Grown Meat In Your Own Kitchen – And This Company Wants To Show You How
  • It’s Supermoons Galore This Fall, With Three Of Them From Next Week Until December 4
  • Kidney Blood Type Changed From A To O Before Transplant, Bringing Universal Organs A Step Closer
  • What Has The Worst Breath In The Animal Kingdom?
  • The Longest Living Animals On Earth Have Been Alive For 2,300 Years
  • A 100-Year-Old Harpoon Was Found Embedded In The World’s Longest-Living Mammal
  • Sheep Leather, Slingshots, And A 650-Year-Old Shoe: Abandoned Vulture Nests Hide “Extraordinary” Artifacts
  • For The First Time In History, People Could Soon See Ice-Free Peaks In Yosemite
  • US Breaks New Measles Record, Surpassing 1,500 Cases – The Most In 33 Years
  • Xerces Blue Butterfly: America’s First Human-Caused Insect Extinction
  • Comet 3I/ATLAS Is About To Pass Near Mars – Our Robotic Explorers Are Ready For Our Closest View Yet
  • World’s Only Population Of Black Tigers Lives In A Single Reserve In India
  • Should We Worry About The Latest COVID-19 Variants?
  • Record-Breaking Rogue Planet Seen Growing At A Rate Of 6 Billion Tonnes Per Second
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version