AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.
Shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise 500 million ringgit.AirAsia X last October proposed restructuring its 64.15 billion ringgit debt into a principal amount of 200 million ringgit and having the rest waived.
"These approvals have been obtained simultaneously with final negotiations being held with creditors," it said, adding that with advisers New York-based Seabury Capital it had been"in active and productive" talks with lessors and others. Planemaker Airbus last year joined more than a dozen creditors to challenge the debt restructuring plan, telling the court it stands to lose more than US$5 billion worth of orders if the scheme goes through.Advertisement
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