Malaysia Aviation Group's court approval paves way for RM3.6b capital injection

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Malaysia Aviation Group obtained court approval in Britain on Monday for an agreement between the airline's leasing unit and a majority of its aircraft operating lessors, allowing it to begin a restructuring plan with new capital of RM3.6 billion (US$891 million).MAG, the parent of Malaysia Airlines, said on Monday the scheme received the unanimous support of relevant lessors and represented an important component of a wider restructuring which will help to reduce its liabilities of more than RM15 billion."Now that the scheme has been formally sanctioned by the UK court, the airline can proceed to implement its restructuring plan with the support of its sole shareholder, Khazanah Nasional Bhd and existing stakeholders," the group said in a statement.The restructuring marks a step forward for the company, which has been long been burdened with high costs and more …