AirAsia X gets approval from shareholders for restructuring

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On June 1, 2021, Malaysia’s AirAsia X, a long-haul subsidiary of AirAsia Group, announced that its shareholders had approved the airline’s restructuring, a key plan to help the debt-ridden air carrier survive.

In the statement, AirAsia X wrote that all resolutions were “passed with at least a 99.8 percent margin” and marked a major milestone in the restructuring process. The long-haul affiliate of AirAsia Group added that the airline had been in “active and productive” conversations with lessors and other creditors. 

“These approvals have been obtained simultaneously with final negotiations being held with creditors,” read the statement. 

On February 22, 2021, the Malaysian High Court allowed AirAsia X to convene a separate creditors’ meeting and to vote on its restructuring plan. The next meeting with the Court on the final vote of the airline’s debt restructuring is scheduled for late July or August 2021.

AirAsia X seeks to restructure its total debt of 64.15 billion ringgit ($15.3 billion). 

Currently, AirAsia X has a total of 22 aircraft in its fleet, the data shows. The airline’s fleet consists of only Airbus-manufactured Airbus A330-300 aircraft. 

“AAX [AirAsia X] is committed to resuming commercial operations as soon as possible on a successful completion of the restructuring plan and the opening of international borders,” according to the statement.

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