AirAsia X Bhd shareholders have approved the budget airline's debt restructuring, it said today, allowing it to pursue a scheme it viewed as key to survival.

Shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise RM500 million.

AirAsia X last October proposed restructuring its RM64.15 billion debt into a principal amount of RM200 million and having the rest waived...