(17 Mar 2022, 12:27 +07)
With restructuring formalities now complete,
AirAsia X (AAX) lodged a Sanction Order for its debt restructuring
with the Registrar of Companies in Malaysia on Wednesday.
The debt restructuring proposal was approved by
its creditors on 12 November 2021 and by the High Court of Malaya
on 16 December 2021.
Lodging the Sanction Order means that the
financial effects can be recognised in the financial statements of
the company and, as a result, AAX will be able to reverse RM33
billion of liabilities and provisions for liabilities which have
been waived under the scheme.
Wing tip of an AirAsia X A330. Picture by Steven Howard of TravelNewsAsia.com
The full effects on the income statement and
balance sheet of the company will be reflected in the next
quarterly stock exchange announcement.
Benyamin Ismail, AirAsia X CEO, said, “This is
another significant step in rebuilding AAX, post pandemic. We are
returning to the skies in a robust position where we can once
again offer the best value fares and customer service excellence
which our customers deserve.
“Cargo has been a strong lifeline for AAX and our
recovery is already underway as a combination carrier with equal
emphasis on cargo and passenger revenues.
“We look forward to offering more value for money
services across our core network in tandem with cargo and consumer
demand. In the next two months we will recommence passenger
services to several more international destinations in line with
borders reopening with exciting offerings for guests and
particularly to our customers that have travel credits with us.”