Final lessor creditor agrees to Malaysia Airlines’ restructuring

The final lessor creditor under Malaysia Airlines’ scheme of arrangement has given consent to that scheme as well as the carrier’s wider restructuring after previously facing challenges getting approval from its financiers. Justice Richard Snowdon, a judge at the High Court of England and Wales, said in a judgement dated 23 February that he received evidence that one creditor which did not vote at a 10 February meeting has now “been able to resolve the communication difficulties with its financiers that prevented it from participating in the scheme process and has consented to the scheme”. Creditor turnout at that 10 February meeting was approximately 95.9% by value, with only one creditor (out of 44) failing to vote. That meeting was convened so that operating lessors could vote on the carrier’s restructuring plan. Finance lessors are in a separate creditor class – there are seven creditor classes overall – and did not participate in the 10 February vote. “Accordingly, there was overwhelming support for the scheme,” Snowdon said.<br/>