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AAX Creditors: Can AAX treating its customers as creditors and repay them only 0.5 sen for every ringgit paid

Sslee
Publish date: Fri, 12 Nov 2021, 10:21 PM
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Dear all,

Below table are AAX  Class of Creditors, amount owed and Proposed Debt Settlement Sum.
Congratulation to AAX.  Creditors have agreed to a resturucting that will pay just 0.5% of debt owed and end its existing contracts. AAX will live to fight another day.
 
AAX next step is to execute the Resolution passed at the EGM.
SPECIAL RESOLUTION
PROPOSED REDUCTION OF 99.9% OF THE ISSUED SHARE CAPITAL OF AAX PURSUANT TO SECTION 116 OF THE COMPANIES ACT, 2016 (“ACT”) (“PROPOSED SHARE CAPITAL REDUCTION”)
 
ORDINARY RESOLUTION 1
PROPOSED CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN AAX (“AAX SHARES”) INTO 1 AAX SHARE (“PROPOSED SHARE CONSOLIDATION”)
 
ORDINARY RESOLUTION 2
PROPOSED RENOUNCEABLE RIGHTS ISSUE OF NEW AAX SHARES (“RIGHTS SHARES”) TO RAISE GROSS PROCEEDS OF UP TO RM300.0 MILLION (“PROPOSED RIGHTS ISSUE”)
 
ORDINARY RESOLUTION 3
PROPOSED ISSUANCE AND ALLOTMENT OF NEW AAX SHARES TO RAISE GROSS PROCEEDS OF UP TO RM200.0 MILLION BY WAY OF SUBSCRIPTION BY PLACEES (AS DEFINED HEREIN) (“PROPOSED SHARE SUBSCRIPTION”)
 
But not so fast: Mavcom has this to say:
Mavcom to act on AirAsia X if ticket purchases not reimbursed accordingly, says customers should not be classified as creditors

https://www.theedgemarkets.com/article/mavcom-act-aax-if-ticket-purchases-not-reimbursed-accordingly-says-customers-should-not-be

KUALA LUMPUR (Nov 12): The Malaysian Aviation Commission (Mavcom) has urged AirAsia X Bhd to reimburse the tickets for customers whose flights were cancelled, in response to the airline’s action of treating its customers as creditors and repay them only 0.5 sen for every ringgit paid.

The Nov 12 statement came soon after all three groups of AAX creditors passed AAX’s restructuring plan, which will see AAX pay just 0.5% of some RM33.65 billion in liabilities, as well as terminate all of the airline’s existing contracts.

AAX’s liabilities categorised as tickets sold to passengers and travel agents amounted to just under RM600 million, according to details of the airline’s restructuring proposal. AAX’s proposal would see only under RM3 million paid back from the initial amount.

In a statement, Mavcom said it will not hesitate to exercise its powers under the Malaysian Aviation Commission Act 2015 (Act 711), if AAX fails to reimburse the affected travel consumers accordingly

 

AAX (5238)
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Discussions
1 person likes this. Showing 7 of 7 comments

i3lurker

of course the F_U_C_K ratio looks bad

but then again nobody put a gun to your head to order you to donate money to AAX

You already knew that your payment is colder than water when you booked the flight from AAX

or

You ought to know that your payment is colder than water when you booked the flight from AAX

no pity at all.

2021-11-12 23:09

Sslee

Haha i3lurker, TF is an incredible magician able to pull a rabbit out of a hat. Amazing class A financial institutions were owed RM 303.23 million voted yes to proposed debt settlement amt of RM 1.52 million.

I wonder how AAX informed the Passengers and how many Passengers turn up to vote?

By the way did TF turn up to vote yes on debt to related companies amount of RM 370.9 million into RM 1.85 million settlement?

2021-11-13 00:03

Sslee

Haha i3lurker,
I already sold Insas RPS and bought more Insas.
Insas share price just broke multi-year high. It going to be a Happy and Merry CNY for me.

2021-11-13 10:47

i3lurker

sslee

congratulations and so happy for you.

reminder
1) Leaving the party too early means you will miss out on the Mystery Gift Lucky Draw even though kenyang on cat meat satay.

2) Leaving the party too late after midnite means you will lose everything as the limousine turns into a pumpkin and all your bitcoins reverts back to rat droppings. Be careful of The Cinderella Event






Posted by Sslee > Nov 13, 2021 10:47 AM | Report Abuse

Haha i3lurker,
I already sold Insas RPS and bought more Insas.
Insas share price just broke multi-year high. It going to be a Happy and Merry CNY for me.

2021-11-13 10:55

chinaman

Any idea which bankers burnt with this hair cut?? all must learn from this magician how to borrow billions, then just waived off all debts....can i borrow from this bank to start own business?? hehe

2021-11-13 12:32

i3lurker

The facts clearly state that buyers of airline tickets are Customers due to paying 6% Service Tax.
Creditors do not pay Service Taxes. Creditors receive Service Taxes on behalf of Kastam.

Once the money changes hands, airlines show you the backside hole
and now claims that the paid money is actually an "interest free loan to the airlines", therefore those who paid are now Creditors. 🤣

2023-11-24 14:35

The_JQuestion

i3 looker nvr get refund MAD? buy cheap wan everything wan fresh wan nice wan VIP service
maybe u should try takeover myairline and do ur TIP TOP service. see how much losses u can make... might bankrupt in 2 months only

2023-11-24 15:07

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