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AirAsia X creditors agree to take 99.5% haircut

Long-haul carrier wins approval for drastic debt restructuring plan

AirAsia's long-haul sister carrier AirAsia X has avoided liquidation after a deal with creditors.
AirAsia X will have to pay back less than a penny on the dollar on $8.1 billion in liabilities.   © EPA/Jiji

KUALA LUMPUR -- Creditors of budget carrier AirAsia's long-haul sister airline have approved a debt restructuring arrangement that proposes paying 0.5% of the debt owed and disbanding all existing obligations.

The creditors -- airports, aircraft manufacturer Airbus, passengers and travel agents -- approved the restructuring of $8.1 billion in liabilities, AirAsia X said in a statement on Friday.

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