AirAsia X—the long-haul subsidiary of Malaysian tycoons Tony Fernandes and Kamarudin Meranun’s Capital A—has completed its debt restructuring, paving the way for the airline to reverse 33 billion ringgit ($7.9 billion) in provisions previously set aside for these liabilities.
“This is another significant step in rebuilding AirAsia X, post pandemic,” AirAsia X CEO Benyamin Ismail said in a statement on Wednesday. “We are returning to the skies in a robust position.”
Under the restructuring plan approved by creditors and suppliers in November, AirAsia X was to repay just 0.5% of its more than $8 billion debts and to terminate supply contracts. As part of the deal, Airbus
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