<p> AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.</p>.<p>Shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise 500 million ringgit.</p>.<p>AirAsia X last October proposed restructuring its 64.15 billion ringgit ($15.6 billion) debt into a principal amount of 200 million ringgit and having the rest waived.</p>.<p>The airline said in a separate statement that the resolutions were passed with at least a 99.8 per cent margin, and marked a major milestone in its restructuring progress.</p>.<p>"These approvals have been obtained simultaneously with final negotiations being held with creditors," it said, adding that with advisers New York-based Seabury Capital it had been "in active and productive" talks with lessors and others.</p>.<p>A Malaysian court in February granted the airline leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme.</p>.<p>The meeting is scheduled for late July or August, AirAsia X said.</p>.<p>In March, the court also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring.</p>.<p>Planemaker Airbus last year joined more than a dozen creditors to challenge the debt restructuring plan, telling the court it stands to lose more than $5 billion worth of orders if the scheme goes through.</p>.<p>Other challengers include lessor BOC Aviation (BOCA), which called for a debt-to-equity swap.</p>.<p>Airbus said it cannot comment on the airline's ongoing restructuring plan, while BOCA did not immediately respond to an emailed query seeking comment.</p>.<p>AirAsia X in February proposed a separate restructuring programme for its aircraft lessors that aims to address their concerns about forward commercial agreements and the viability of the airline's business after recapitalisation. </p>
<p> AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on Tuesday, allowing it to pursue a scheme it viewed as key to survival.</p>.<p>Shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise 500 million ringgit.</p>.<p>AirAsia X last October proposed restructuring its 64.15 billion ringgit ($15.6 billion) debt into a principal amount of 200 million ringgit and having the rest waived.</p>.<p>The airline said in a separate statement that the resolutions were passed with at least a 99.8 per cent margin, and marked a major milestone in its restructuring progress.</p>.<p>"These approvals have been obtained simultaneously with final negotiations being held with creditors," it said, adding that with advisers New York-based Seabury Capital it had been "in active and productive" talks with lessors and others.</p>.<p>A Malaysian court in February granted the airline leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme.</p>.<p>The meeting is scheduled for late July or August, AirAsia X said.</p>.<p>In March, the court also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring.</p>.<p>Planemaker Airbus last year joined more than a dozen creditors to challenge the debt restructuring plan, telling the court it stands to lose more than $5 billion worth of orders if the scheme goes through.</p>.<p>Other challengers include lessor BOC Aviation (BOCA), which called for a debt-to-equity swap.</p>.<p>Airbus said it cannot comment on the airline's ongoing restructuring plan, while BOCA did not immediately respond to an emailed query seeking comment.</p>.<p>AirAsia X in February proposed a separate restructuring programme for its aircraft lessors that aims to address their concerns about forward commercial agreements and the viability of the airline's business after recapitalisation. </p>