News
AirAsia X Creditors to get less than 1% of money owed: report
October 18th 2021
AirAsia X creditors are to receive just 0.5 % of the money owed to them under a restructuring proposal reportedly contained in a 127-page explanatory document for November 12 meetings. Read More » The company filed a notice with the Bursa Malaysia today setting November 12 as the date for creditor meetings to vote on the proposal. Reuters reported it had seen the explanatory statement and the plan to terminate all existing contracts so it can restructure US$8.1 billion of liabilities. The statement said AirAsia X needed to undertake the restructuring to avoid liquidation and continue flying, according to Reuters. The newswire said half the liability was the cost of terminating 108 aircraft orders with manufacturer Airbus.
