AirAsia X gets shareholder approval for restructuring
Cash-strapped AirAsia X has got approval from shareholders to go ahead with its contentious debt restructuring plan.
The plan was passed by an overwhelming majority at an extraordinary general meeting which may see its estimated $15.6 billion all but wiped out.
"These approvals have been obtained simultaneously with final negotiations being held with creditors," it said.
Airbus and several other creditors including lessors challenged the debt restructuring plan, telling the court it stands to lose more than $5 billion worth of orders if the plan goes through.
In February, a court granted the airline time to hold separate meetings with different groups of creditors within six months, in order to vote on its plan.
The restructuring plan includes a rights issue and a share subscription for new investors to raise RM500 million.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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