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Malaysia Airlines' parent co gets British court approval for restructuring

·1-min read
Malaysia Airlines planes are seen parked at Kuala Lumpur International Airport, amid the coronavirus disease (COVID-19) outbreak in Sepang

KUALA LUMPUR (Reuters) - The parent company of Malaysia Airlines, Malaysia Aviation Group (MAG), said it had obtained British court approval to proceed with a major component of its debt restructuring efforts.

The approval allows the group to convene a creditors' meeting to consider a scheme. The outcome of the meeting will be reported back to the court at a sanction hearing on Feb. 22, the group said in a statement late Wednesday.

The airline group said it had received overwhelming support from stakeholders for its 16-billion-ringgit ($4 billion) restructuring.

Part of the restructuring would be implemented by means of a scheme of arrangement to be proposed by its aircraft leasing subsidiary, MAB Leasing Limited, in a bid to win over the minority of creditors who had yet to indicate support for the proposal, it said.

MAG said expects the court process and restructuring to conclude by the end of this quarter.

($1 = 4.0360 ringgit)

(Reporting by Liz Lee; Editing by Stephen Coates)