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Airline rescues and restructuring gathering speed, but headwinds abound


MALAYSIA Airlines Bhd (MAS) appears to have a head start on its closest rivals AirAsia Group Bhd, AirAsia X Bhd (AAX) and Malindo Airways Sdn Bhd after closing a restructuring deal that sees it emerging with a stronger balance sheet, having eliminated some RM10 billion in debt.
Last week, the UK court approved the national airline’s plan to restructure more than RM15 billion in liabilities, which effectively removes “decades-long legacy issues in its balance sheet”, its parent Malaysia Aviation Group Bhd (MAG) says. The plan includes a RM3.6 billion lifeline from its sole shareholder Khazanah Nasional Bhd to support the carrier’s new five-year business plan, which envisages MAS returning to profitability from 2022. ....

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AirAsia X gets leave from court to hold meetings with creditors


KUALA LUMPUR (Feb 19): The High Court here today granted leave for budget airline AirAsia X Bhd (AAX) to hold meetings with its creditors.
The court has also separated the 14 creditors into three different classifications the first being Malaysia Airports Holdings Bhd (MAHB), the second consists of the other creditors, and the third being aircraft maker Airbus.
The decision today was made by Judicial Commissioner Ong Chee Kwan via video proceedings.
In his decision, Ong surmised that the case does not involve ‘proprietary claims’ of the creditors nor does it involve alteration of the creditors’ rights with third parties.
The court said that AAX has failed to demonstrate that they are capable of reviving its financial health. ....

Kuala Lumpur , Gopal Sreenevasan , Airasiax Bhd , Chee Kuan , Aviation Ltd , Macquarie Aircraft Leasing Services , Lim Chee Wee Partnership , Malaysia Airports Holdings Bhd , High Court , Judicial Commissioner Ong Chee Kuan , Lavender Leasing , Kwan Will Sen , Lim Chee Wee , குவாலா லம்பூர் , சீ குவான் , விமான போக்குவரத்து லிமிடெட் , மக்வரீ வான்கலம் குத்தகை சேவைகள் , லிம் சீ வீ கூட்டு , மலேசியா விமான நிலையங்கள் ஹோல்டிங்ஸ் ப்ட் , உயர் நீதிமன்றம் , நீதித்துறை ஆணையர் ஓங் சீ குவான் , லாவெண்டர் குத்தகை , க்வ்யாந் விருப்பம் சென் , லிம் சீ வீ ,