KUALA LUMPUR, Jan 7 (Reuters) – Malaysia Aviation Group (MAG), dad or mum firm of nationwide provider Malaysia Airways, is nearing the tip of a restructuring train which it hopes to finish within the first quarter this 12 months, it stated in a press release on Thursday.
The aviation group stated it’s exploring a U.Okay. Scheme of Association for the restructuring train, pending affirmation from remaining small minority collectors.
MAG, which has been in discussions with collectors for months, warned leasing corporations in October that state fund and sole shareholder Khazanah Nasional will cease funding the group and pressure it right into a winding down course of if restructuring talks with lessors fall by.
Sources had advised Reuters that the group is negotiating reductions with lessors by way of a restructuring plan it’s looking for to implement by a UK court docket course of.
“Good progress has been achieved with full help by a big majority of its collectors for a consensual settlement,” MAG stated.
The group stated it’s assured of a win-win state of affairs with all collectors and appears ahead to execute its revised long-term marketing strategy.
After the federal government stated it could not present monetary aid or debt ensures, MAG sought monetary assist from Khazanah in November, which stated any funding will rely on the end result of MAG’s discussions with collectors and lessors.
(Reporting by Liz Lee; Enhancing by Shailesh Kuber)
((liz.lee@thomsonreuters.com; Desk: +60323338039; Twitter: @livinglizly;))
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