Order obtained by BOC Aviation Limited against AirAsia X Berhad and AAX Leasing Two Ltd., an indirect wholly-owned subsidiary of AirAsia X Berhad, in the High Court of Justice in the Business and Property Courts of England and Wales
For consistency purposes, abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement made by the Company on 4 September 2020.
Reference is made to the Company’s announcement on 4 September 2020 on the claim filed in the High Court of Justice in the Business and Property Courts of England and Wales by BOCA against the Company and AAX Leasing Two (“said Claim”).
As an update, the Company wishes to announce that the Company and AAX Leasing Two have respectively been served with a sealed copy of the Order dated 6 November 2020 made by the High Court of Justice in the Business and Property Courts of England and Wales (“High Court of England and Wales”) in respect of the said Claim (“said Order”).
The High Court of England and Wales has in the said Order ordered, amongst others, the following:
(a) BOCA is granted summary judgement against the Company and AAX Leasing Two on the said Claim;
(b) the Company and AAX Leasing Two shall pay:
(i) a sum of US$23,376,779.02, comprising the sum of (a) US$22,975,392.17 (inclusive of interest to 30 June 2020) claimed in the said Claim and (b) US$401,386.85 in respect of interest between 1 July 2020 and 6 November 2020;
(ii) post-judgement interest on the above sum at the Default Rate (as defined in the Lease Agreements); and
(iii) a sum of £75,000.00, being BOCA’s cost of the said Claim (summarily assessed).
Financial and Operational Impact to the Group
The financial impact to the Group will be a cash outflow equal to the amount of the said Order. There is no operational impact to the Group.
The Steps Taken or Proposed to be Taken by the Company in respect of the said Order
The Board of AAX is currently reviewing the documentations received in respect of the said Order, and will be seeking legal advice in relation to the said Order.
For information, the Company did not enter appearance in the said Claim in view of the proposed debt restructuring exercise of the Company.
The Company will make the necessary announcements on further developments of the above matter as and when necessary.
This announcement is dated 20 November 2020.
|Company Name||AIRASIA X BERHAD|
|Date Announced||20 Nov 2020|
|Category||General Announcement for PLC|