Malaysia's AirAsia X plans to pay 0.5% of $8.1b debt owed to creditors

Malaysia's AirAsia X plans to pay 0.5% of $8.1b debt owed to creditors

REUTERS/Beawiharta

AirAsia X Bhd (AAX) is proposing to pay just 0.5% of debt owed to each of its creditors and to terminate all existing contracts so that it can restructure 33.65 billion ringgit ($8.1 billion) of liabilities, a document seen by Reuters shows.

The Malaysian low-cost long-haul airline, a sister carrier to AirAsia Group Bhd, on Monday told the stock exchange it had set a date of Nov. 12 for creditor meetings to vote on the restructuring proposal.

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