Malaysia's AirAsia X gets shareholder go-ahead for restructuring plan

AirAsia X shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival. Shareholders of the long-haul affiliate of AirAsia Group approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise 500m ringgit. AirAsia X last October proposed restructuring its 64.15b ringgit debt into a principal amount of 200m ringgit and having the rest waived. The airline said that the resolutions were passed with at least a 99.8% margin, and marked a major milestone in its restructuring progress. "These approvals have been obtained simultaneously with final negotiations being held with creditors," it said, adding that with advisers New York-based Seabury Capital it had been "in active and productive" talks with lessors and others. A Malaysian court in February granted the airline leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme. The meeting is scheduled for late July or August, AirAsia X said. In March, the court also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring.<br/>