Outcome of AirAsia X's debt restructuring exercise likely to be known by June 30, 2021 TheEdge Wed, Dec 02, 2020 10:40pm - 21 hours ago KUALA LUMPUR (Dec 2): AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year. Cumulative LPS for 9MFY20 came in at 28 sen from 9.5 sen in 9MFY19. On a year-on-year basis, revenue was down 94% from 3QFY19's RM1.01 billion, when the group recorded a net loss of RM229.89 million. Malaysia's AirAsia X Bhd on Wednesday said it has revised its $15.3 billion debt restructuring plan to re-categorise its creditors in a bid to address concerns raised by a creditor. On Oct 6, AirAsia X proposed a restructuring plan that would enable the airline to be fully operational again amid global travel restrictions caused by the Covid-19 pandemic. Ways to search theedgemarkets.com content, by category: @category "corporate" "hot stock”, Combine search:  "high speed rail" @author "Bhattacharjee" @category "From the Edge", AirAsia X says proposed debt restructuring scheme critical to its survival as it sinks deeper into the red in 3Q. Revision of the Group’s Business Plan Records broken as realme Malaysia scores second highest in region, ISKL Shortlisted for Two International School Awards, SIRIM QAS’ standards in certification and conformity assessments promote the highest quality, Budget 2021: Stand United We Shall Prevail, Malaysia to Go 5G • Go Cloud • Go AI - Grow with intelligence, AirAsia X classifies MAHB as secured creditor in revised debt revamp scheme, but says 'will not be intimidated', EVENING 5: MyEG gets three-year extension, EVENING 5: Supermax in, KLCC out of FBM KLCI, EVENING 5: Nitrile latex tipped for record high, NEWS: Bioalpha banks on the longevity biz, EVENING 5: Investigation papers opened against Top Glove, Decision on CMCO extension to be announced tomorrow, Tropicana’s purchase of Top Glove shares raises eyebrows, EPF members with less than RM100,000 in Account 1 can withdraw up to RM10,000 under expanded i-Sinar facility, Covid-19: Malaysia logs 1,141 new cases, half from Klang Valley; total now exceeds 70,000, Yong Tai gains as much as 32% following ICPS conversion announcement. PETALING JAYA (THE STAR) – AirAsia X Bhd (AAX) is expected to make some tweaks to its MYR63.5 billion debt restructuring plan, but this will only be to satisfy one creditor. “Malaysia Airports (Sepang) Sdn Bhd (MASSB) takes the view that it is a secured creditor and thus has applied to be excluded from this scheme. KUALA LUMPUR (Oct 23): Malaysia Airports Holdings Bhd (MAHB) is filing an application to intervene in AirAsia X Bhd (AAX)’s debt restructuring scheme. The airport operator noted that AirAsia X has filed an application for a proposed debt restructuring scheme with its unsecured creditors pursuant to section 366 of the Companies Act 2016. PETALING JAYA: AirAsia X Bhd (AAX) is expected to make some tweaks to its RM63.5bil debt restructuring plan, but this will only be to satisfy one creditor. KUALA LUMPUR: Malaysia's AirAsia X Bhd on Wednesday said it has revised its $15.3 billion debt restructuring plan to re-categorise its creditors in a bid to address concerns raised by a creditor. Bhd. “Seven to eight creditors have filed to intervene. KUALA LUMPUR (Nov 4): AirAsia X Bhd (AAX), the low-cost long-haul affiliate of AirAsia Group Bhd, has revised its proposed debt restructuring scheme and re-categorised its 1,200 unsecured creditors into two separate classes. Besides the decimated revenue, the airline saw its finance cost rise to RM97.28 million from RM78.1 million in 3QFY19, on higher interest expense on lease liabilities and the impact of discounting effects on financial instruments. KUALA LUMPUR, Nov 5 — AirAsia X Bhd has submitted a revised restructuring scheme to seek the convening of a court-sanctioned meeting for all creditors to vote on the terms of the restructuring. AirAsia X said the outcome would not be known by this month so the basis of preparation of its audited financial statements and audit opinion (AFS) was uncertain and the AFS would be of limited value to shareholders. The Edge Communications Sdn. KUALA LUMPUR (Nov 4): AirAsia X Bhd (AAX), the low-cost long-haul affiliate of AirAsia Group Bhd, has revised its proposed debt restructuring scheme and re-categorised its 1,200 unsecured creditors into two separate classes. KUALA LUMPUR (Nov 19): No frills long-haul carrier AirAsia X Bhd (AAX) sank deeper into the red in its third financial quarter ended Sept 30, 2020 (3QFY20), with net loss expanding to RM308.46 million from RM305.24 million in the immediate preceding quarter, amid the continued slump in air travel demand as the Covid-19 pandemic persists. MALAYSIA Airlines Bhd (MAS) has requested financial support from its sole shareholder Khazanah Nasional Bhd as its debt-restructuring talks with creditors and lessors run beyond its original deadline of Oct 11. - A + A. KUALA LUMPUR (Oct 26): AirAsia X Bhd (AAX) said BOC Aviation Ltd has applied to intervene in the airline's application to the High Court in respect of its proposed RM63.49 billion debt restructuring scheme, confirming a report by The Edge. The airport operator wants to be excluded from the scheme, which entails a … AAX’s operating cash flow more than halved to RM82.18 million as at end Sept 30 from RM191.64 million three months ago. Outcome of AirAsia X's debt restructuring exercise likely to be known by June 30, 2021 TheEdge Wed, Dec 02, 2020 10:40pm - 35 minutes ago KUALA LUMPUR (Dec 2): AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year. MAHB has initiated a move that could scuttle the RM63 billion debt restructuring scheme that AirAsia X Bhd (AAX) — the long-haul associate of low-fare giant AirAsia Group Bhd — had said was necessary for it to continue flying. It recorded a loss per share (LPS) of 7.4 sen for 3QFY20, versus 5.5 sen in 3QFY19. Debt restructuring charity Credit Counselling Singapore (CCS) will help the SPPs restructure their unsecured business debts owed to participating lenders under the scheme. The airport operator noted that AirAsia X has filed an application for a proposed debt restructuring scheme with its unsecured creditors pursuant to section 366 of the Companies Act 2016. 1) Court Approved Schemes of Arrangement 2) Special Administration by Pengurusan Danaharta Nasional Berhad (“Danaharta”) 3) Corporate Debt Restructuring Committee (“CDRC”) Mediation 4) Appointment of Receivers 5) Liquidation of Corporate Entities 1) Court Approved Schemes … Corporate recovery solutions are provided by specialist accountants who work to get a good deal for those with financial ties to the business that is facing insolvency. KUALA LUMPUR (Oct 25) : Malaysia Airports Holdings Bhd (MAHB) claimed today that the filing of the group's RM78.16 million suit against AirAsia X Bhd (AAX) will not derail AirAsia X's proposed debt restructuring scheme because MAHB acknowledges the importance of AirAsia as a key partner in the aviation sector, which is facing very challenging and difficult times due to the … When a company first becomes insolvent, it becomes necessary to carry out corporate recovery. Bhd. proposed debt settlement and waiver of debts involving unsecured creditors, aimed at enabling the Group to address its debt obligations in an orderly manner and to arrive at a debt structure that is sustainable from future operating cash flows; B. The Bill allows MSCs to resort to a pre-packaged scheme of arrangement (“Pre-Packaged Scheme”). KUALA LUMPUR (Oct 6): AirAsia X Bhd (AAX) has unveiled a massive debt restructuring proposal in which the airline will reconstitute RM63.5 billion worth of debts, including future lease rentals, aircraft purchase commitments and advanced ticket sales, into a principal amount of up to RM200 million. Besides a steep haircut for creditors, the long-haul low-cost carrier also proposed a … "By June 30, 2021, the outcome of the scheme is likely to be known, so that there will be a clear basis for the preparation of the AFS, which will be of more value to shareholders," the cash-starved airline said. Records broken as realme Malaysia scores second highest in region, ISKL Shortlisted for Two International School Awards, SIRIM QAS’ standards in certification and conformity assessments promote the highest quality, Budget 2021: Stand United We Shall Prevail, Malaysia to Go 5G • Go Cloud • Go AI - Grow with intelligence, EVENING 5: MyEG gets three-year extension, EVENING 5: Supermax in, KLCC out of FBM KLCI, EVENING 5: Nitrile latex tipped for record high, NEWS: Bioalpha banks on the longevity biz, EVENING 5: Investigation papers opened against Top Glove, Decision on CMCO extension to be announced tomorrow, Tropicana’s purchase of Top Glove shares raises eyebrows, EPF members with less than RM100,000 in Account 1 can withdraw up to RM10,000 under expanded i-Sinar facility, Covid-19: Malaysia logs 1,141 new cases, half from Klang Valley; total now exceeds 70,000, Yong Tai gains as much as 32% following ICPS conversion announcement. Outcome of AirAsia X's debt restructuring exercise likely to be known by June 30, 2021 ... AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year. AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain the peace of … Steep haircut for creditors to rescue AirAsia X. The Corporate Debt Restructuring Committee (CDRC) is a pre-emptive measure by the Malaysian Government to provide a platform for corporate borrowers and their creditors to work out feasible debt resolutions without having to resort to legal proceedings. It saw 16.77 million shares transacted. The long-haul budget airline said this when announcing to Bursa Malaysia today that it was changing its financial year-end to June 30, 2021, from Dec 31, 2020. Options for Debt Restructuring In Malaysia There are potentially five avenues for dealing with the debt of a troubled company other than voluntary negotiation. Simplified debt restructuring. Malaysia Airports Holdings Bhd (MAHB) says its filing of a RM78mil lawsuit against AirAsia X (AAX) will not derail the latter’s debt restructuring scheme. The cash-strapped national airline tells The Edge it has made a request for funding from the sovereign wealth fund, but is not in a position to comment on the amount at this … Sources said the scheme … 2020. A. On Oct 6, AAX announced a proposed debt restructuring scheme to reconstitute the RM63.5 billion debt into a principal amount of RM200 million, which is … KUALA LUMPUR (Dec 2): AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year. On prospects, the group pointed to the debt restructuring scheme it proposed in October and emphasised that the successful implementation of the scheme is critical for it to be able to raise new funding via either debt or equity, and to continue as a going concern. Monthly instalment payments will be lowered by extending the loan repayment period to … Businesses are defined as insolvent when they are overwhelmed by debts and can no longer make repayments on time. Sources said the scheme would be amended to accommodate Malaysia Airports Holdings Bhd (MAHB). For the nine months ended Sept 30, 2020 (9MFY20), AAX's net loss widened to RM1.16 billion, about three times the RM393.67 million it recorded in the corresponding nine months last year as revenue sank 66% to RM1.08 billion from RM3.2 billion. © All rights reserved. AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year. AAX shares finished 7.14% or half a sen lower at 6.5 sen today, giving the group a market value of RM269.63 million. Outcome of AirAsia X's debt restructuring exercise likely to be known by June 30, 2021KUALA LUMPUR (Dec 2): AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity will only be known by the end of June next year.The long-haul budget airline said this when announcing to Bursa Malaysia … Under the debt restructuring scheme, the airline has proposed that the RM63.5 billion it owes scheme creditors be restructured and reconstituted into an acknowledgement of indebtedness by AAX for a principal amount of up to RM200 million, payable annually over a period of up to five years, via three equal payments from the 3rd to the 5th year of the scheme's implementation, it said. © All rights reserved. Its cash pile declined to RM138.82 million as of end-September 2020, down from the 252.054 million in the preceding quarter. “Malaysia Airports is pursuing its legal rights to recover the debt from AAX which is critical for the upkeep and maintenance of the airports, ” it said, The Star reported. “Malaysia Airports (Sepang) Sdn Bhd (MASSB) takes the view that it is a secured creditor and thus has applied to be excluded from this scheme. The long-haul budget airline said this when announcing to Bursa Malaysia today that it was changing its financial year-end to June 30, 2021, from Dec 31, 2020. Group revenue weakened further to RM59.91 million from RM91.44 million in 2QFY20. — TODAY pic SINGAPORE, Nov 2 — Small- and medium-sized enterprises (SMEs) facing cashflow challenges due to Covid-19 will be able to restructure their debts with the Association of Banks in Singapore rolling out two new schemes yesterday. Ways to search theedgemarkets.com content, by category: @category "corporate" "hot stock”, Combine search:  "high speed rail" @author "Bhattacharjee" @category "From the Edge". - A + A. KUALA LUMPUR (Nov 19): No frills long-haul carrier AirAsia X Bhd (AAX) sank deeper into the red in its third financial quarter ended Sept 30, 2020 (3QFY20), with net loss expanding to RM308.46 million from RM305.24 million in the immediate preceding … Malaysia's AirAsia X Bhd plans to revise its $15.3 billion debt restructuring plan to address concerns raised by a creditor as its cash is running … Two new schemes have been rolled out to help small- and medium-sized enterprises restructure their debts. October 26, 2020 22:49 pm +08. In a filing with the bourse, AAX said it is making the clarification in reference to an article by The Edge … The airport operator noted that AirAsia X has filed an application for a proposed debt restructuring scheme with its unsecured creditors pursuant to section 366 of the Companies Act 2016. KUALA LUMPUR, Oct 23 — Malaysia Airports Holdings Bhd (MAHB) said its wholly-owned subsidiary, Malaysia Airports (Sepang) Sdn Bhd (MASSB), has filed an application to intervene and be excluded from AirAsia X Bhd’s (AAX) proposed debt restructuring scheme. Its operating cash flow deficit [before working capital changes] widened to RM298.39 million in 3QFY20 from RM49.72 million in the preceding quarter. In a statement, it said pursuant to its announcement of the scheme of Oct 6, Malaysia Airports (Sepang) Sdn Bhd (MASSB) had objected to its classification as an unsecured creditor. The Edge Communications Sdn. 2020. Debt Restructuring Scheme. The restructuring exercise would include the appointment of Datuk Lim Kian Onn as deputy chairman to lead the restructuring initiative and facilitating fresh equity injection. AirAsia X says proposed debt restructuring scheme critical to its survival as it sinks deeper into the red in 3Q. KUALA LUMPUR (Oct 25) : Malaysia Airports Holdings Bhd (MAHB) claimed today that the filing of the group's RM78.16 million suit against AirAsia X Bhd …

How Long Does It Take To Become An Immigration Lawyer, Start Kde From Command Line Debian, How To Draw A Fall Leaf, German Speaker Brands, Stump Pass Beach, Media Skills Examples, Shrimp, Spinach Mushroom Tomato Pasta, Tree Of Savior Player Count, Google Maps Los Angeles Directions,

0 0 vote

Article Rating