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 group said this in a statement today, without disclosing what the outcome was.
MAG confirmed that MAB Leasing Ltd held a meeting with its creditors yesterday as part of its restructuring exercise, following the recent approval by the UK court for the group to proceed with the implementation of its scheme of arrangement.
The meeting, it said, saw MAB Leasing tabling the proposed scheme and recording the votes from its creditors consisting aircraft lessors.
For the scheme to be approved, a minimum of 75% of the aircraft operating lessors’ total money owed and 50% in number must vote in favour.
“The outcome of the creditor meeting will be reported back to the court for consideration by the judge at the sanction hearing set for Feb 22. Should the scheme be sanctioned by the court, it then becomes legally effective upon delivery of the court order,” said MAG.