MAHB: Exclude MASSB from AirAsia X’s debt restructuring

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.

MAHB said pursuant to the terms of the Conditions of Use for the Kuala Lumpur International Airport (KLIA), MASSB is a secured creditor of AAX and thus must be excluded from the airline’s proposed debt restructuring scheme.

“In particular, MASSB is a lienholder whose debt is secured by a contractual lien over the user properties of AAX,” the airport operator said in a filing with Bursa Malaysia today.

To recap, on Oct 7, AAX filed an originating summons at the Kuala Lumpur High Court for leave to convene a meeting with its unsecured creditors over its proposed debt restructuring scheme.

In this application, AAX had named MASSB as one of its unsecured creditors.

MAHB said its board of directors believed it is necessary for MASSB to pursue the intervention application to best protect its interest.

“The intervention application is not expected to have any material impact on the operational position of the company,” MAHB added.

MASSB had yesterday taken legal action against AAX to claim RM78.16 mil – being the outstanding aeronautical charges that the airline had failed to collect at the KLIA.

The user properties included any aircraft, parts, accessories, vehicles, equipment and/or any other property belonging to and/or under AAX’s control or any ground handler appointed by the airline. – Oct 23, 2020, Bernama


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