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KUALA LUMPUR (Oct 22): A notice to creditors for filing proof of debt or claim on Malaysian airline system Bhd (MAS), which was published in a local newspaper, has been seen making rounds on social media and it is believed to be part of the ongoing liquidation process of the now defunct company.
“It is hereby notified that the creditors of the company, whose debts or claims have not yet been admitted, must prove their debts or claims no later than 5 pm on November 12, 2020 and establish any title that may have priority by hand delivery or mailing to the liquidator at the address below, “said the newspaper notice dated today.
The declared liquidator is KPMG Deal Advisory Sdn Bhd, which is understood to have been appointed earlier this year.
In early February, a similar notice was published in a newspaper designating KPMG as the interim liquidator of the MAS.
MAS was acquired by Malaysia Airlines Bhd on September 1, 2015 as part of the national airline’s recovery plan.
Malaysia Airlines is wholly owned by the government through the Khazanah Nasional Bhd sovereign wealth fund.
In a statement today, Malaysia Airlines clarified that the notice to creditors for the presentation of proof of debt or claim that has been circulating on social networks is one of the liquidation processes that KPMG performs for the former MAS entity, such as the appointed liquidator of the company since February.
“The matter is not related to Malaysia Airlines and is in no way part of its current restructuring exercise,” he added.
Industry sources said that today’s ad serving is likely part of the entire liquidation process, which is time consuming as it involves many legal considerations.
With a slow recovery process exacerbated by the global impact of the Covid-19 pandemic on the travel and airline sector, Malaysia Airlines is now appealing to creditors to make a significant cut in debts owed as it cannot meet your payment obligations.
The edge Weekly on October 5 reported that the airline has started negotiations with existing creditors to restructure inherited liabilities and commitments of around RM16 billion that have been with its holding company Malaysia Aviation Group Bhd for many years.
Reuters He had also reported that the airline’s cash is expected to run out in November without a restructuring plan.
Read also:
Malaysia Airlines group is short on cash, seeking deep discounts from lessors
Malaysia Airlines to seek significant cut from creditors
Malaysia Airlines survival in doubt as political support weakens
Malaysia Airlines restructuring talks drag on, group chief executive tells staff
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