AIRASIA X BERHAD ("AAX" OR THE "COMPANY")
- PROPOSED DEBT RESTRUCTURING
(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
On behalf of the Board of Directors of AAX, Mercury Securities Sdn Bhd wishes to announce that the Company proposes to undertake the following:-
(i) a debt restructuring scheme with unsecured creditors of the Group pursuant to Section 366 of the Companies Act, 2016 (“Proposed Debt Restructuring”), which entails the following:-
(a) a restructuring of approximately RM63.50 billion of debts to be reconstituted into an acknowledgement of indebtedness by AAX for a principal amount of up to RM200.0 million; and
(b) any balance in excess of the abovementioned reconstituted amount and all other sums after the cut-off date as at 30 June 2020 arising from these debts (including interest, penalty interest etc) shall be waived;
(ii) a corporate restructuring ("Proposed Corporate Restructuring”) as follows:-
(a) a proposed reduction of 90% of the issued share capital of AAX pursuant to Section 116 of the Companies Act, 2016 (“Proposed Share Capital Reduction”); and
(b) a proposed consolidation of every 10 existing ordinary shares in AAX (“AAX Shares”) into 1 AAX Share (“Proposed Share Consolidation”),
The details of the Proposals are set out in the attachment.
This announcement is dated 6 October 2020.
Please refer attachment below.
|Company Name||AIRASIA X BERHAD|
|Date Announced||06 Oct 2020|
|Category||General Announcement for PLC|
- Announcement_-_Proposals_(06.10.2020).pdf (Size: 219,312 bytes)