BOC Aviation wins claim against Air Asia X | News | Airfinance Journal

BOC Aviation wins claim against Air Asia X

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Singapore-based lessor BOC Aviation has won its lawsuit against Air Asia X (AAX).

The embattled long-haul low-cost airline has been ordered to pay almost $23.5 million to BOC Aviation over outstanding lease payments and other obligations relating to four Airbus aircraft.

The High Court of England and Wales said in its order that AAX must pay $23.4 million, comprising $23 million inclusive of interest to 30 June, in addition to approximately $400,000 in interest between 1 July and 6 November 2020.

AAX was also told to pay another £75,000 to BOC Aviation for the lessor’s legal costs.

BOC Aviation had filed its claim in the UK courts in early September.

Separately, BOC Aviation and Wilmington Trust have partnered to seek legal redress in a UK court over missed aircraft lease rental payments from Indian carrier Spicejet. In a joint claim filed on 3 September, Wilmington Trust SP Services (Dublin) and BOC Aviation (Ireland) filed a Part 7 claim against Spicejet. The outcome of the proceedings remain unknown at this stage.

Last week AAX received Bursa Securities’ approval for a two-month extension, to 6 January 2021, to submit detailed plans for a proposed debt and corporate restructuring comprising a share capital reduction and share consolidation.

In early October, long-haul low-cost carrier AAX announced it was asking its unsecured creditors to write down a notional sum of MYR63.5 billion by 99.7% to MYR200 million, without offering them any equity in the airline, or promises of fresh capital from the owners.

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Regional Snapshot

Related Data

Transaction Snapshot
Air Company | Bond issue | 01-24 | $1.5bn
Financial Close:
11/02/2024
SPV:
Some Aviation Trust
Value:
$1,500.00m USD
Full Details