Friday 22 October 2021

AìrAsia X : Konsumer dah : Kena Check!!!

is a song from the President, Joe Flizzow.   The song I believe was just released this year.

 Going through the Facebook pages set up by AirAsiaX passengers, effected by the debt restructuring exercise, I really pity them because almost 100 per cent of them, do not realise that they have been check mated by Tony Fernandes. 

We in the jet, kita sentiasa jelajah
Worldwide, lawatan sambil belajar
Gang gang, bukan pesanan penajah
Good vibes only living lavish
Keep it 100 that's my average

Started from the basement, tak payah periksa
If you on that basic, nanti kena check.

Your voices actually  DO NOT MATTER  

because no matter how you vote,  the debt restructuring  exercise WILL BE APPROVED. 

The devil is in the detail.  Here is a report the Malaysian press will not report to you.  This report is courtesy  of the Bangkok Post ; Airbus has nearly 75% of the AirAsiaX Debt and a Sweet Deal.

Basically,  this is what the report states ;

1. The entire exercise gives too much power to Airbus as a creditor.

2 . The restructuring is unfair as it writes off 99.7% of claims without offering creditors an equity stake.

3. Questionmarks over AAX's debt calculations, given most of the amount was tied to aircraft orders from Airbus SE that have not been delivered.

4. In other recent restructurings such as Thai Airways International Plc and Virgin Australia, the main creditors have been current financiers, lessors and suppliers, not plane manufacturers based on orders.

I can understand that perhaps NST business  and the Star does not have the personal ,  but the Edge certainly has the smarts to reveal the true story if it wanted to.