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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Malaysia Airports Holdings    AIRPORT   MYL5014OO005

MALAYSIA AIRPORTS HOLDINGS

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Exclusive: AirAsia X to revise $15.3 billion debt reform plan to expedite talks with creditors, say sources

10/29/2020 | 05:52am EST
FILE PHOTO: Tail of AirAsia X plane as seen at the Garuda Maintenance Facility AeroAsia in Tangerang

KUALA LUMPUR (Reuters) - Malaysia's AirAsia X plans to revise its $15.3 billion debt restructuring plan to address concerns raised by a creditor as its cash is running out fast, people with direct knowledge of the matter said.

The budget carrier is seeking to reconstitute the $15.3 billion of unsecured debt into a principal amount of 200 million ringgit ($48 million) and have the rest waived.

But creditor Malaysia Airports Holdings Bhd (MAHB) filed a lawsuit last week to claim 78 million ringgit owed by AirAsia X and a separate application to be excluded from the restructuring scheme, arguing that its debts were secured.

A source, who was not authorised to speak publicly about the plans, told Reuters the legal action against the airline could delay its debt restructuring plan and bid to stave off liquidation.

The source said AirAsia X, the long-haul arm of AirAsia Group, has less than six months of cash left and has been looking to convene a meeting of creditors to vote on the scheme. "It needs to move on and have that meeting as soon as possible," the person said.

"Fundraising is expected to take a couple of months at least so it's imperative for the company to complete restructuring by January or February."

AirAsia X declined to comment.

Airport operator MAHB said on Sunday its attempt to recover debt from AirAsia X would not derail the airline's scheme.

But the legal suit follows similar action taken by another creditor. Aircraft lessor BOC Aviation Ltd filed a lawsuit against AirAsia X and its subsidiary in August to claim $23 million in debt and this month applied to intervene in the airline's court application for its scheme.

The airline's restructuring proposal needs approval from creditors holding at least 75% of the total value of the debt, and the source said that the bulk of the figure is linked to future aircraft orders and it gives Airbus SE nearly 75% on its own.

"No creditor will want to make a decision if they don't know what the outcome with MAHB is," another source said, adding that MAHB could have the financial stamina for a legal battle but AirAsia X did not.

Post restructuring, the airline plans to raise up to 500 million ringgit to restart the company, it said on Monday.

Shares in AirAsia X have hit all-time lows in the last three weeks.

($1 = 4.1630 ringgit)

(Reporting by Liz Lee; editing by Miyoung Kim, Jamie Freed and Jason Neely)

By Liz Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP -0.73% 0.68 End-of-day quote.-23.16%
AIRASIA X -7.14% 0.065 End-of-day quote.-13.33%
AIRBUS SE 1.41% 85.54 Real-time Quote.-6.04%
BOC AVIATION LIMITED -0.71% 63 End-of-day quote.-5.97%
MALAYSIA AIRPORTS HOLDINGS -1.54% 5.1 End-of-day quote.-13.85%
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Financials
Sales 2020 2 280 M 564 M 564 M
Net income 2020 -674 M -167 M -167 M
Net Debt 2020 3 267 M 808 M 808 M
P/E ratio 2020 -12,3x
Yield 2020 0,33%
Capitalization 8 462 M 2 086 M 2 093 M
EV / Sales 2020 5,14x
EV / Sales 2021 3,08x
Nbr of Employees 9 526
Free-Float 79,0%
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Technical analysis trends MALAYSIA AIRPORTS HOLDINGS
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 5,81 MYR
Last Close Price 5,10 MYR
Spread / Highest target 44,1%
Spread / Average Target 13,9%
Spread / Lowest Target -19,6%
EPS Revisions
Managers and Directors
NameTitle
Mohammad Shukrie bin Mohammad Salleh Chief Executive Officer
Zainun Binti Ali Non-Independent Non-Executive Chairman
Mohamed bin Rastam Shahrom Chief Financial Officer
Veelayudan Krishnan Nair General Manager-Research & Planning
Yiang Ming Lee Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
MALAYSIA AIRPORTS HOLDINGS-13.85%2 086
AENA S.M.E., S.A.-10.76%23 025
SHANGHAI INTERNATIONAL AIRPORT CO., LTD.-4.82%22 739
SYDNEY AIRPORT LIMITED-8.27%11 885
GROUPE ADP-8.91%11 568
AUCKLAND INTERNATIONAL AIRPORT LIMITED-3.83%7 667