AirAsia X proposes paying 0.5% of US$8.1b debt owed to creditors

The Malaysian low-cost long-haul airline, a sister carrier to AirAsia Group Bhd, on Monday told the stock exchange it had set a date of Nov. 12 for creditor meetings to vote on the restructuring proposal.

KUALA LUMPUR: AirAsia X Bhd (AAX) is proposing to pay just 0.5% of debt owed to each of its creditors and to terminate all existing contracts so that it can restructure 33.65 billion ringgit ($8.1 billion) of liabilities, a document seen by Reuters shows.

The Malaysian low-cost long-haul airline, a sister carrier to AirAsia Group Bhd, on Monday told the stock exchange it had set a date of Nov. 12 for creditor meetings to vote on the restructuring proposal.