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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 “
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Air Asia X
AirAsia
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.
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