(AAX) has proposed a separate restructuring programme for its aircraft lessors that aims to tackle their concerns, citing chance to recover rental losses, a document seen by Reuters shows.
The airline, an affiliate of AirAsia Group, has for months been trying to reconstitute 64.15 billion ringgit ($15.89 billion) of debt into 200 million ringgit of debt. More than a dozen creditors, mostly lessors, had intervened in court to challenge a proposal that would have meant a haircut for them of 99.7%.
The new proposal for lessors is a key step as the airline looks to win creditors approval for its restructuring.
The proposal seeks to address lessors concerns about their forward commercial agreements and the viability of the airline s business after recapitalisation, according to the document, which comprises slides describing the plan.
KUALA LUMPUR, Feb 18 Former prime minister Datuk Seri Najib Razak questioned the need for a movement control order (MCO) after the government announced today a revocation of previous restrictions on various activities, including travel and dine-in, nationwide. The Pekan MP on trial for.
MALAYSIA'S opposition leader has launched legal action against the prime minister over the suspension of Parliament during a state of emergency aimed at fighting the novel coronavirus, his lawyer said on Tuesday. Read more at The Business Times.
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ISLAMABAD/KUALA LUMPUR (Reuters) - A Pakistan International Airlines plane has been held back by Malaysian authorities due to a British court case over the jet’s lease, the airline said on Friday, adding it would pursue the matter through diplomatic channels.
The Boeing 777 aircraft was seized after a court order, an airline spokesman said, and alternative arrangements were being made for passengers due to fly from Kuala Lumpur back to Pakistan.
The case involved a $14 million lease dispute, a PIA official said.
“A PIA aircraft has been held back by a local court in Malaysia taking a one-sided decision pertaining to a legal dispute between PIA and another party pending in a UK court,” a PIA spokesman Abdullah H. Khan said in a statement.