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Malaysia's High Court grants AirAsia X more time to convene creditors meeting
September 16th 2021
AirAsia X (AAX) said in a regulatory filing to the Bursa Malaysia the High Court of Malaysia had ruled the LCC has until March 17, 2022 to hold a meeting of creditors that will consider a proposed debt restructuring. Read More » The meeting of creditors had been due to be held by the end of this month. At an extraordinary general meeting in June, AAX shareholders approved a corporate restructuring that would reduce the company's issued share capital by 99.9%, consolidate every 10 existing AAX shares to one AAX share, raise up to 300 million ringgit (US$72.1 million) through a renounceable rights issue and attract up to 200 million ringgit via a share subscription. A resolution that proposed the issuance and allotment of new AAX shares into a special purpose vehicle (SPV) company also passed.
