Malaysian Airlines
Malaysian Airlines received a bid from GSV for $2.5bn. Credit: Christian Junker | Photography.

Golden Skies Ventures (GSV) has made a $2.5bn offer to completely acquire the ailing Malaysian flag carrier Malaysia Airlines.

Reuters reported citing executives that that GSV has received backing from a European bank. 

The company also claimed to have received a commitment from a Japanese private equity firm to put immediate funds into the aviation group through an equity deal.

GSV chief executive Shahril Lamin told Reuters: “We have secured in excess of $2.5bn from the bank. We will take about three to four months to get long-term financing.”

GSV has reportedly made a proposal a month ago. Several airlines around the world are facing challenges due to travel restrictions resulting from the rise in the coronavirus (Covid-19) pandemic.

The company also submitted a proposal to Morgan Stanley, which has been appointed by its sole owner and sovereign wealth fund Khazanah Nasional Bhd.

GSV is also reportedly in talks with foreign banks and private equity firms to secure more funding.

Citing sources, Reuters reported that Japan Airlines, AirAsia Group and Malindo Air have shown their interest on the flag carrier.

GSV will assume most of Malaysia Airline’s debt, which is currently being held by the government in outstanding Islamic bonds. 

The proposal also includes having the government’s golden share, which enables it to gain majority voting rights and maintain the carrier’s status.