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aws账号(www.2km.me)_A raw deal from AAX

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THIS column had previously written about AirAsia X Bhd’s (AAX) proposed restructuring scheme as published on Dec 21, 2020. At that point, a call was made for AAX to come clean on the figures that constitute its restructuring scheme and whether the RM63.5bil figure being bandied about then was an overestimation or otherwise.

Well, guess what? AAX, in a 127-page explanatory statement to the scheme’s creditors last week, outlined a planned restructuring scheme involving RM33.65bil, comprising RM4.27bil in outstanding accrued liabilities and RM29.38bil in termination claims, into just RM21.3mil, which will be paid one year after the scheme is effective.

In other words, AAX is seeking a waiver of a whopping RM33.63bil.

However, in reality, AAX does not make a single settlement with respect to the above termination claims, and in essence, the restructuring is only with respect to RM4.27bil of outstanding accrued liabilities, which are again broken into Class A, B and C creditors.

AAX has also thrown in a sweetener to this restructuring scheme, whereby Class A and Class B creditors will be entitled to receive a proportionate share of AAX’s earnings before interest, tax, depreciation, amortisation, lease rentals, and where applicable restructuring cost (Ebitdar) in excess of RM300mil for the financial years between 2023 and 2026.

Certain creditors are defined in both Class A and Class B and this consists of airport and authorities amounting to RM165.8mil, other aviation creditors (RM36.9mil); financial institutions (RM332.9mil), and maintenance providers (RM72.9mil).

The next group, the Class B creditors comprise the largest group of creditors and these are the passengers who had purchased advanced tickets amounting to RM517.1mil; lessors (RM444.3mil); related companies (RM370.9mil); engine suppliers (RM326.1mil); travel and other charter agents (RM82.7mi) and trade and non-trade creditors (RM57.2mil).

Airline passengers are not creditors

It is perplexing to think that AAX has classified paying customers as creditors. First, it is AAX’s business model that it sells tickets in advance as do many other airlines. Second, when these advanced sales are made, the services are not rendered until a passenger has made the trip.

Third, when monies are received from the sale of advanced tickets, the correct approach of handling the amounts received is to place them in trust, and only when the services have been rendered, the airline is allowed to drawdown from the trust account.

Yes, the pandemic was unforeseen and has impacted the airline business greatly, but don’t the passengers deserve a refund ringgit for ringgit? It is unfair for AAX to treat customers, who have been loyal and supportive, by giving them in return today a mere RM10 for every RM2,000 worth of ticket purchased.

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