KUALA LUMPUR, Nov 12 (Reuters) – AirAsia X (AAX) creditors have agreed to a restructuring that will pay just 0.5% of debt owed and end its existing contracts, the Malaysian long-haul low-cost airline said on Friday.

The airline has also reached a deal with its largest creditor, Airbus (AIR.PA) to reduce a multi-billion dollar order for 78 A330neo widebody planes and 30 A321XLR narrowbodies. AAX had been Airbus’ biggest customer for the A330neo.

AAX now plans to take 15 A330neos and 20 A321XLRs, an airline spokesperson said.

“We confirm that we have agreed to reduce the airline’s outstanding orders,” an Airbus spokesperson said. “This is another example of how we have worked with customers to adapt to the impact of the pandemic.” Read more