KUALA LUMPUR: Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, has successfully concluded a meeting with creditors as part of its comprehensive restructuring plan. The airline company said it is looking forward to working with its creditors to realise it enhanced long-term business plan. In a statement today, MAG said the outcome of the creditor meeting will be reported back to the UK court for consideration by the judge at the sanction hearing that has been set for Feb 22, 2021. “Should the scheme be sanctioned by the court, it then becomes legally effective upon delivery of the court order.” MAG, via its aircraft leasing subsidiary MAB Leasing Ltd (MABL), said it had organised a meeting of creditors on Wednesday as the next step of its restructuring exercise, following approval obtained from the UK court for the group to progress with implementing its scheme of arrangement. MAG said the scheme of arrangement represents a critical component of its wider restructuring exercise. “The meeting saw the company tabling the proposed scheme and recording the votes from its creditors consisting of aircraft lessors. “MAG wishes to record its utmost appreciation to all creditors involved for all the constructive discussions and support given throughout the past five months and looks forward to working closely with them in materialising its enhanced Long-Term Business Plan 2.0.” Last month, MAG said it successfully obtained the approval from the UK court to proceed with a major component of the comprehensive restructuring of the group. It said the court decision was a major milestone towards securing the airline's future, following the severe impact of the Covid-19 pandemic on the travel and tourism industry globally. MAG said the restructuring was based on a revised long-term business plan and will pave the way for MAG to ensure its long-term sustainability together with the strong support from its shareholders and the large majority of its creditors. “With the success of obtaining approval through the UK court-convened restructuring, the airline can now work towards gains it was seeing prior to the Covid-19 pandemic.” Following a “flying start” in business at the start of 2020, the Covid-19 pandemic would, however, bring the momentum to a grinding halt. With borders closed and aircraft grounded, the aviation industry was severely impacted, with a full recovery expected only in 2023. “MAG took decisive actions to reduce costs, preserve cash, transform the business and realign the long-term aspirations to weather this crisis,” it said in a statement last month. In September 2020, with air traffic still at an all-time low, coupled with continued uncertainty around the recovery of the industry, MAG said it became apparent that the group would need to take the difficult decision to embark on a holistic restructuring exercise aimed at resizing the business and emerging sustainably profitable in the long term as Malaysia’s flag carrier with stronghold in Asia-Pacific and an improved Asean short-haul business model. It said MAG had since been in active discussions with all its key stakeholders and has managed to obtain overwhelming support to carry out its restructuring after many rounds of intense negotiations. “However, there remains a small minority of creditors that have yet to indicate their support for the restructuring. “Therefore, part of the restructuring is being implemented by means of a scheme of arrangement to be proposed by its aircraft leasing subsidiary, MABL,” it said. MABL had on Dec 23 last year issued a Practice Statement Letter to certain groups of its creditors notifying them of the company’s intention to file a scheme of arrangement under Part 26 of the UK Companies Act 2006. The convening hearing was then held as scheduled on Jan 20, 2021, and the court approved MABL to convene a meeting of creditors to consider the proposed scheme.
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