AirAsia X Berhad (AAX), a long-haul, low-cost airline based in Malaysia, faced a difficult financial situation in October 2021. As the global COVID-19 pandemic had forced the Malaysian government to impose travel restrictions and close its borders in 2020, the majority of AAX’s fleet had been grounded. By 2021, AAX’s total liabilities outweighed its total assets by RM33.581 billion. Unable to service the lease payments to lessors, AAX designated Lim Kian Onn to lead the company’s restructuring. Lim needed to determine how to carry out the corporate-restructuring exercise, the creditors’ tolerance for such an exercise, and what terms to propose to creditors.
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