AirAsia X assures recovery for lessors in new revamp plan

AirAsia X Bhd has for months been trying to reconstitute 64.15 billion ringgit ($15.89 billion) of debt into 200 million ringgit of debt.

KUALA LUMPUR: Malaysian long-haul budget airline AirAsia X Bhd (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%.