Operating lessors to Malaysia Airlines will vote on 10 February whether to collectively accept the national carrier’s proposed restructuring terms, the carrier confirms.
This week’s vote applies to operating lessors only; other classes of creditors, including aircraft manufacturers and finance lessors, will vote separately.
In each class of creditors there must be agreement from creditors holding at least 75% of the monies owed to proceed with the restructuring.
There are seven classes of creditors in total, to which Malaysia Airlines owes approximately $4 billion.
The airline previously said that it hoped to conclude its restructuring as early as next month.
In January, Malaysia Airlines noted progress in convincing creditors to accept a restructuring in UK courts under Part 26 of the Companies Act 2006, which potentially allows distressed airlines to restructure leases and hand back aircraft.
MAG said it had received “overwhelming support to carry out its restructuring after many rounds of intense negotiations”.
Nevertheless, not everyone is agreeing to the Malaysian flag carrier’s requests to shave up to 75% off its lease bills, which prompted the airline’s parent MAG to suggest a scheme of arrangement proposed under its aircraft leasing subsidiary, MAB Leasing.
The outcome of this week’s creditor meeting will be reported back to the UK courts at a sanction hearing set for 22 February, the carrier confirms to Airfinance Journal.
According to a letter sent to the leasing community, MAG owner Khazanah Nasional said it was ready to inject another $1 billion into MAG if lessors agreed to deal restructurings. Malaysia’s Ministry of Finance has ruled out any direct support to the flag carrier, leaving the final funding decision up to Khazanah.
Mainline Malaysia Airlines leases 75 aircraft: six Airbus A350-900s, 21 A330-300 and -200 variants, and 48 Boeing 737-800s. Air Lease (ALC) has by far the largest exposure to MAB in terms of asset values, followed by NBB Leasing, Standard Chartered, Aercap and Goshawk.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ultrices urna eu consequat pulvinar. Suspendisse malesuada scelerisque iaculis. Cras ut facilisis arcu, posuere efficitur nisi. Fusce dictum tortor ac nibh rhoncus auctor. Praesent nunc felis, elementum vel orci quis, sodales tincidunt nisi. Vestibulum vestibulum vel erat quis feugiat. Nam nec pulvinar velit. Nunc feugiat felis lacus, non condimentum urna interdum vitae. In laoreet hendrerit commodo. Sed diam arcu, tincidunt quis augue ac, venenatis consequat dui. Quisque maximus venenatis erat, sed malesuada quam malesuada at. Aenean non quam a ex vulputate laoreet. Praesent eget neque convallis, rhoncus lorem a, venenatis metus. Maecenas sed malesuada purus.
Integer vel neque vel odio tempor laoreet. Praesent vel malesuada dolor, sit amet aliquam augue. Cras magna tortor, ullamcorper nec tristique ac, accumsan quis metus. Integer in magna sit amet leo vulputate vulputate. In pretium quam libero. Cras a pulvinar arcu, et rutrum orci. Proin euismod, justo quis scelerisque porttitor, purus odio dignissim ex, eu rhoncus lorem dolor sit amet mi. Pellentesque in massa vel mauris tempus euismod. Aenean efficitur vestibulum arcu ut elementum. Nam rhoncus ligula vel enim iaculis, quis luctus dui interdum. Nulla erat mi, lacinia eu orci ut, hendrerit fermentum lorem. Sed non gravida quam. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Nulla bibendum erat odio, pharetra lobortis eros blandit a.
In et ultrices ante. Vestibulum consequat libero quis quam tempor, efficitur accumsan lacus sollicitudin. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Phasellus ac est lacus. Quisque in interdum urna, non pulvinar sem. Duis tristique tortor vel urna commodo tincidunt sit amet ut sem. In sapien turpis, porta vitae neque in, varius egestas erat.
Interdum et malesuada fames ac ante ipsum primis in faucibus. Donec quis est vel ante facilisis efficitur. Pellentesque tincidunt odio eget lacinia vestibulum. Aliquam erat volutpat. Ut ac ipsum non nisi convallis eleifend et ornare lectus. Pellentesque diam nulla, dapibus quis convallis sed, posuere at urna. Proin tincidunt tincidunt nibh, id molestie est. Integer iaculis, leo sit amet pulvinar pellentesque, tellus elit vehicula ipsum, eget vulputate dui tortor vitae sem. Proin rhoncus venenatis tellus, vitae blandit ipsum malesuada sed. Morbi gravida magna hendrerit faucibus imperdiet. Ut bibendum a massa at efficitur. Donec egestas urna urna, sit amet mattis erat fringilla sit amet. Integer scelerisque enim sed odio semper molestie. Sed tincidunt malesuada nulla a fringilla. Nullam suscipit, justo nec facilisis efficitur, arcu mauris finibus lorem, ut egestas mi purus nec neque. Nunc nec euismod est, ac egestas neque.
Vivamus sit amet pretium quam, vitae fringilla dolor. In nec ligula arcu. Fusce a tortor leo. Sed blandit leo quis turpis sodales, eget tincidunt tortor ultrices. Fusce scelerisque eros quis quam vestibulum tempus. Praesent sodales aliquam nibh vel fermentum. Quisque vel diam sit amet sem convallis interdum. Proin ac velit molestie, malesuada tellus vitae, tempus est. Sed facilisis ut enim ac pretium. Mauris scelerisque fermentum risus, nec ultricies enim finibus vel. Aenean sem enim, dictum mollis aliquet nec, consequat nec nisl. Duis aliquam a lectus vitae ornare.