KUALA LUMPUR, Nov 4 (Reuters) - Malaysia's AirAsia X Bhd AIRX.KL on Wednesday stated it has revised
KUALA LUMPUR, Nov 4 (Reuters) – Malaysia’s AirAsia X Bhd AIRX.KL on Wednesday stated it has revised its $15.three billion debt restructuring plan to re-categorise its collectors in a bid to handle considerations raised by a creditor.
The price range provider is looking for to reconstitute the $15.three billion of unsecured debt right into a principal quantity of 200 million ringgit ($48 million) and have the remainder waived.
However creditor Malaysia Airports Holdings Bhd (MAHB) MAHB.KL filed a lawsuit final month to assert 78 million ringgit owed by AirAsia X and a separate software to be excluded from the restructuring scheme, arguing that its money owed had been secured.
Citing sources, Reuters had reported final week about AirAsia X’s plans to revise the restructuring to handle calls for by MAHB. One supply stated MAHB’s authorized motion may delay the airline’s debt restructuring plan and bid to stave off liquidation.
In a press release on Wednesday, AirAsia X stated it is going to now categorise collectors as important and non-essential, and that the airport operator MAHB could be included within the first class.
“The revision is made within the curiosity of time, with out prejudice to AAX’s rights to defend and search the suitable cures… and to ensure that the court docket convened conferences to be held as quickly as potential for the collectors to contemplate and vote on the proposed debt restructuring,” the corporate stated.
The airline’s restructuring proposal wants approval from collectors holding no less than 75% of the entire worth of the debt.
It has been exhausting hit by the coronavirus pandemic as journey restrictions have grounded most of its planes.
($1 = 4.1650 ringgit)
(Reporting by A. Ananthalakshmi; Modifying by Martin Petty)
(([email protected]; Twitter: @AnanthalakshmiA;))
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