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.
Capital A—has completed its debt restructuring, paving the way for the airline to reverse 33 billion ringgit 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.”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 agreed to reduce the airline’s aircraft orders to 15 A330neo wide bodies and 20 A321XLR narrow bodies .
Airlines are among the hardest hit by the Covid-19 pandemic as countries around the world closed their borders to contain the coronavirus. AirAsia X, which posted a record net loss of 34 billion ringgit in the financial year ended June 30, 2021, is one of several airline affiliates of Malaysian budget carrier AirAsia Group—which was renamed Capital A in January—as part of its pivot into digital businesses including fintech, ride-hailing as well as food and parcel deliveries.
AirAsiaX is among the few Asian airlines that swiftly implemented financial restructuring in the past year to reposition for a post-pandemic recovery. Billionaire Lucio Tan’sexited from bankruptcy proceedings in late December and is increasing domestic and international flights. Singapore Airlines, which raised S$21.6 billion in fresh capital during the pandemic, returned to the black in the third quarter ended December, buoyed by strong cargo demand.
“Cargo has been a strong lifeline for AirAsia X and our recovery is already underway as a combination carrier with equal emphasis on cargo and passenger revenues,” Ismail said. “We look forward to offering more value for money services across our core network in tandem with cargo and consumer demand. In the next two months, we will recommence passenger services to several more international destinations in line with borders reopening.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Tony-winning 'Jersey Boys' musical comes to Tucson for weekend runThe jukebox musical tells the behind-the-scenes story of the 1960s sensation Frankie Valli & the Four Seasons.
Consulte Mais informação »
Two opera stars and a Broadway Tony winner bring a world premiere to Philly. It’s about the value of life.An opera based on Virginia Woolf's The Hours will debut at Verizon Hall. It features Renee Fleming, Kelli O'Hara and Jennifer Johnson Cano. And the Philadelphia Orchestra.
Consulte Mais informação »
Malaysia's AirAsia X completes debt restructure, to write back nearly $8 bln to profitMalaysia's Airasia X (AAX) said on Wednesday it had completed its debt restructuring, and will write 33 billion ringgit ($7.86 billion) back to profits in the next quarter.
Consulte Mais informação »
Total Consumer Debt Grows With Student, Auto Loans DoublingCredit Summit said total consumer debt increased by $313 billion in the second quarter of 2021.
Consulte Mais informação »
UAE Property Tycoon Sajwani Makes $1 Billion Bet on Data Centers“We have the cash to inject, we’ve hired a very good team… we can build them at a more reasonable cost than our competitors,” the property mogul said.
Consulte Mais informação »