Budget airline AirAsia X has been granted relief from any imminent legal action. The High Court granted a three-month restraining order against any legal proceedings that may be filed. The airline sought this so that any lawsuit doesn’t delay its debt restructuring process. This restructuring is critical to its survival.
AirAsia X applied for a restraining order back in December. The airline has been trying for months to restructure its huge debt pile. Numerous creditors including aircarft lessors have filed action to intervene in the court-supervised restructuring. They say the airline is ‘hopelessly insolvent.’
