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.

3 comments:

  1. This comment has been removed by the author.

    ReplyDelete
  2. .
    When your partner cheats on you, never accept them back. Because by accepting them back, you are legitimizing the cheat and giving the green light to cheat again. Business is business and nothing personal. Liquidate.

    Emotions aside capital commitments do not fall within the arms as an amount being owned to Airbus. i.e to say, it is a promise to commit to be liable an amount in the future for the deliveries of aircrafts.

    Unless there are some aircrafts in midst of construction, AAX would only be liable for that % of completion of that construction only. Based on the financial statements @ 30/6/2021, it appears to bear none of those.

    Contractually, force majeure clause have to be scrutinized as to whether non delivered aircrafts can be cancelled by AAX. If so, creditors can then request for the order to be cancelled.

    AAX can then be instructed by the creditors to work with what they have, both what is humanly and financially feasible, given the circumstance and re-engage in new orders in the foreseeable future when it permits.

    ReplyDelete
    Replies
    1. True but under the current structure, Airbus already has 75 per cent of the votes, which means when Airbus says YES, the deal is sealed. Therefore minorities have no voice. #bersihkanMalaysia

      Delete