Judgement obtained by International Lease Finance Corporation (not in its individual capacity but solely as trustee pursuant to (i) the declaration of trust in respect of MSN 741 trust and (ii) the declaration of trust in respect of MSN 786 trust) against AirAsia X Berhad and its subsidiaries, AAX Mauritius One Ltd. and AAX Leasing Four Ltd., in the High Court of Justice, Queens Bench Division, Commercial Court
The Board of Directors of AirAsia X Berhad (“AAX” or “Company”) wishes to announce that the Company and its subsidiaries, AAX Mauritius One Ltd. (“AAX Mauritius”) and AAX Leasing Four Ltd. (“AAX Leasing Four”) had on 19 November 2020, each been served with a Judgement for claimant (in default) dated 13 November 2020 (and sealed on 18 November 2020) (“Judgement”) obtained by International Lease Finance Corporation (as trustee) (“Claimant”) against the Company, AAX Mauritius and AAX Leasing Four respectively, in the High Court of Justice, Queens Bench Division, Commercial Court (“High Court”).
The High Court has pursuant to the Judgement, ordered each of the Company, AAX Mauritius and AAX Leasing Four to pay the sum of £6,581,868.05 (inclusive of costs and interests to the date of the judgement) to the Claimant.
Notwithstanding, the Company has not been served with the documents in relation to the claim filed by the Claimant with the High Court prior to the Judgement.
For information, the Claimant is the trustee of two (2) aircraft leased by AAX Leasing Four.
Financial and Operational Impact to the Group
The financial impact to the Group will be a cash outflow equal to the amount of the Judgement. There is no operational impact to the Group.
The Steps Taken or Proposed to be Taken by the Company in respect of the Judgement
The Board of AAX is currently reviewing the documentations received in respect of the Judgement, and will be seeking legal advice in relation to the Judgement 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|