Selected Key Assignments

MAS - WAU restructuring (Corporate Finance Advisory, 2002)

The restructuring involved ‘unbundling’ the airline of RM5bn of assets and RM7bn of liabilities, transforming MAS’ gearing ratio of 700% as at 31 March 2002 to a net cash position, thus creating an ‘asset-light’ airline.

It was successfully executed by 6 November 2002 (being a record duration of 8.5 months for a restructuring of this magnitude).

The deal was awarded the AirFinance Journal Asian Corporate Finance Deal of the Year for 2002 and The Edge’s Deal of the Year.

View report card (100KB pdf)
Note: Third party comments on the
restructuring are on slides 5 & 6