Court grants Malaysia’s AirAsia X extension to hold creditors meeting by March

REUTERS/Beawiharta

Malaysia’s long-haul budget carrier AirAsia X Bhd (AAX) has obtained court permission to extend the deadline to convene its creditor meetings to March next year, it said on Wednesday.

AirAsia X said the High Court granted an order for an extension until March 17 for it to convene separate meetings of the creditors “for the purpose of considering and, if thought fit, approving with or without modification” a restructuring scheme to be proposed.

In February, it was granted court approval to convene the separate meetings with different groups of creditors to vote on its proposal within 180 days.

The court had separated the airline’s 14 creditors into three classifications — the first for airport operator Malaysia Airports Holdings Bhd, the second for other creditors, and the third for planemaker Airbus SE.

AAX, an affiliate of AirAsia Group, proposed last October to restructure 64.15 billion ringgit of debt and has faced objections to its scheme from some creditors.

The airline said the alternative was liquidation with no returns to creditors. AAX will need approval from creditors at the meetings holding at least 75% of the money owed.

Reuters

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.