PETALING JAYA: AirAsia X Bhd (AAX) has lodged the sanction order for its debt restructuring with the Registrar of Companies with the formalities of the restructuring now completed.
The debt restructuring proposal was approved by its creditors on Nov 12, 2021 and by the High Court of Malaya on Dec 16, 2021.
The lodgement of the sanction order means that the financial effects can be recognised in the financial statements of the company and, as a result, AAX will be able to reverse RM33 billion of liabilities and provisions for liabilities which have been waived under the scheme. The full effects on the income statement and balance sheet of the company will be reflected in the next quarterly Bursa announcement.
The lodgement of the sanction order will now pave the way for the completion of the proposed fund raising.
AAX CEO Benyamin Ismail said this is another significant step in rebuilding AAX, post pandemic.
“Cargo has been a strong lifeline for AAX and our recovery is already underway as a combination carrier with equal emphasis on cargo and passenger revenues.
“We look forward to offering more value for money services across our core network in tandem with cargo and consumer demand. In the next two months we will recommence passenger services to several more international destinations in line with borders reopening with offerings for guests and particularly to our customers that have travel credits with us.”