AirAsia X announces final completion of debt restructuring

AirAsia X has lodged the sanction order for its debt restructuring with the Registrar of Companies and says the formalities of the restructuring are now completed.

According to AirAsia X, the lodgement of the sanction order means that the financial effects can be recognised in the financial statements of the company.

As a result, it will be able to reverse RM33 billion of liabilities and provisions for liabilities which have been waived under the scheme. The lodgement of the sanction order will now pave the way for the completion of the proposed fundraising.

AirAsia X CEO, Benyamin Ismail, said: “This is another significant step in rebuilding AAX, post-pandemic. We are returning to the skies in a robust position where we can once again offer the best value fares and customer service excellence which our customers deserve.

“Cargo has been a strong lifeline for AAX and our recovery is already under way 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 exciting offerings for guests and particularly to our customers that have travel credits with us.”

The debt restructuring proposal was approved by the airline’s creditors on 12 November 2021 and by the High Court of Malaya on 16 December 2021.