Malaysian media are reporting that a Middle East-based investor has agreed to recapitalise and relaunch the insolvent MYAirline (MYM, Kuala Lumpur Subang).
Multiple outlets say the parties reached a deal in late December, with the LCC also reapplying to the Malaysian Aviation Commission (MAVCOM) and Civil Aviation Authority (CAAM) for the conditional reissue of the licences and certificates required to resume commercial flights. The identity of the investor was not disclosed.
"There are a few conditions that will be imposed if they want to restart operations," Malaysian Transport Minister Loke Siew Fook said over the weekend. "They must make sure all their passengers are refunded and they must make sure whatever is owed to their staff must be paid. If they can fulfil these two conditions, only then can we start to talk."
MYAirline suspended operations in early October, less than ten months after launching, and after having built up its fleet to nine leased A320-200s. Previous potential investors had reportedly ended talks after disagreeing on the terms and conditions set by the airline.
Shortly after MYAirline ceased flights, MAVCOM suspended their air services licence (ASL), and is now saying any reapplication will take a minimum of 90 days to process. Securing an ASL allows an operator to apply for a CAAM-issued air operator's certificate (AOC). Among other criteria, any would-be scheduled operator must have a minimum of two aircraft before CAAM will grant an AOC. MYAirline has returned all its aircraft.
MYAirline declined to comment to ch-aviation on the reported investor, saying they intended to release a statement on the matter later this week.
With many employees and passengers still out of pocket, there is considerable pressure on politicians like Loke to ensure MYAirline settles these liabilities before any relaunch is approved. Local regulations also state that a Malaysian entity must own at least 51% of a Malaysian-registered airline.
