IBAEIon Beam Assisted Etching
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The proposed debt restructuring involves the restructuring of the secured loans, unsecured loans and amounts owing to certain creditors of WlHB, Plaza Rakyat and IBAE. Included in the proposed debt restructuring are the loans and amounts owing by IBAE, a 99.9 percent owned subsidiary of WlHB that is being wound up.
"As WlHB acted as guarantor for the loans of IBAE, the said loans and amounts owing are being restructured together with WlHB and Plaza Rakyat's loans owing," the company said.
"IBAE presents us with a unique platform to introduce our business relationship with ASM as we present a new era of luxury private aviation service to the Indian market," said Fahad Wali, acting vice president Commercial, Royal Jet.
The IBAE event comes under the backdrop of transport analysts and consultants' predictions of approximately 350-400 million Indian nationals opting to travel by air annually by 2020.