AirAsia X Reduces Outstanding Debt by 99.5%, to Pay only 0.5% to Creditors
12th November 2021 | Singapore
AirAsia X, the leading low-cost airline in Asia, has received approval for its proposed debt restructuring of $8.09 billion of outstanding debt owed to creditor to be reduced by 99.5%, with AirAsia X needing to pay only 0.5% to creditors. The restructuring of $8.09 billion (RM 33.6 billion) of liabilities and termination of all existing contract was approved by Class A (100% approval), B (97.6% approval) and C Creditors (100% approval). Around 50% of the $8.09 billion (RM 33.6 billion) of liabilities is for the termination of airplane orders from Airbus. All creditors except Airbus will be entitled to 20% of earnings for financial year 2023 to 2016 if Air Asia X were to generate more than $72.2 million (RM 300 million) in before interest, tax, depreciation and amortisation, lease rentals and restructuring costs.
“ AirAsia X Reduces Outstanding Debt by 99.5%, to Pay only 0.5% to Creditors “
Air Asia X
AirAsia X Berhad (AirAsia X) is a leading long-haul, low-cost airline operating primarily in the Asia-Pacific region. Established as Fly Asian Express (FAX) in 2006, we started out servicing rural areas of Sarawak and Sabah with turboprop aircraft before undergoing a comprehensive rebranding in September 2007 followed by our first flight to the Gold Coast, Australia in November 2007.
As of 15 July 2020, AirAsia X serves 26 destinations across Asia (Singapore, Bali, Sapporo, Tokyo, Osaka, Nagoya, Fukuoka, Seoul, Busan, Jeju, Taipei, Xi’an, Beijing, Hangzhou, Chengdu, Shanghai, Chongqing, Changsha, Wuhan, New Delhi and Amritsar), Australia (Sydney, Melbourne – Avalon and Perth), the Middle East (Jeddah) as well as the United States of America (Hawaii-Honolulu) and operates out of two hubs: Kuala Lumpur and Bangkok. We are the first low-cost airline in Asean to be given approval by the Federal Aviation Administration to operate into the USA.
Related:
- China Central Bank Injects $71 Billion into Banking System, China Evergrande $300 Billion Debt Crisis
- China Government Warns of Payment Default by China Evergrande, Debts of $300 Billion
- Malaysia and Abu Dhabi Reach Deal on 1MDB Debt
- Singapore Private Banks Under Scrutiny for Selling Risky Debts
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit