All three groups of creditors of Malaysian long-haul low-cost airline AirAsia X (AAX) have agreed to a restructuring scheme that proposes to pay just 0.5% of debt owed and to terminate all existing contracts, a person familiar with the matter said.
The first class of AAX creditors includes airports, financial institutions and maintenance providers, according to a 127-page explanatory statement for the creditors meeting seen by Reuters.
Half of the airline's total liability is the cost of terminating airplane orders from Airbus for 78 A330neo widebodies and 30 A321neo narrowbodies, the document said. The 0.5% of debt owed to each creditor will be paid from operating cash flow one year after the debt restructuring goes into effect, the airline said in the document.
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