Cash-strapped Airasia X has completed its contentious debt restructuring. It clears nearly $8 billion of debt after the airline agreed to pay only 0.5% of debt owed. It was approved by creditors and the High Court last year.
The airline scrapped all outstanding contracts including large aircraft orders. It posted a record quarterly loss last September. CEO Benyamin Ismail said it will restart passenger services in the coming weeks, although there is a much stronger focus now on its cargo business.
