Malaysia Airlines Group obtains court approval to commence restructuring exercise

Malaysia Airlines Group (MAG) obtained UK court approval for an agreement between MAB Leasing and a majority of its aircraft operating lessors (Reuters/Bloomberg, 23-Feb-2021). The approval enables MAG to commence a restructuring plan with new capital of MYR3.6 billion (USD891 million), to be provided by Khazanah Nasional to fund the company until 2025. The restructuring exercise is expected to be completed in early Mar-2021 and will include agreements with a range of its engine, financial and maintenance leasing companies and lenders, as well as Malaysian state entities.