General Industry

Malaysian High Court Grants AirAsia X Nine Month Extension On Restraining Order That Prevents Creditors From Filing Legal Proceedings Against It

By Dave Simpson
Malaysian High Court Grants AirAsia X Nine Month Extension On Restraining Order That Prevents Creditors From Filing Legal Proceedings Against It

The Malaysian high court has granted AirAsia X Bhd a nine month extension on a restraining order that prevents creditors from filing any legal proceedings against it, the airline said in a stock exchange filing.

Nine Months

The filing said that the extension runs nine months from the day of the announcement.

The court had granted a restraining order in March for three months, as the budget airline undergoes a restructuring of its 64.15 billion ringgit ($15.5 billion) debt.

Approved By Shareholders

Earlier this month, AirAsia X shareholders approved its debt restructuring, allowing it to pursue a scheme that it views as being key to survival which includes a rights issue and a share subscription for new investors to raise 500 million ringgit.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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