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AirAsia Group airlines are looking for money and are contemplating difficult restructuring measures as they face the effects of the Covid-19 pandemic.
The group’s cheap long-distance arm, AirAsia X, “is short of money” and wants a new capital, newly named Vice President Lim Kian Onn told the Malasio newspaper The Star in an interview published on October 17.
“We analyzed the business plan and estimated that we want MYR 500 million ($120 million) to reactivate the airline. We had to make some assumptions about the Covid-19 course. In this case, we assume cautiously that it will be a slow return to normal, ” he told the newspaper.
He says the airline assumes it will receive help from the government.
AirAsia X announced on October 6 its goal of restructuring the debt and aircraft in its fleet as a component of a primary reform to deal with the recession.
Talks are taking place with creditors Airbus and Rolls Royce, Lim said.
“We’ve been talking to them for two months. Everyone’s naturally upset. We have our hands and we say we’re guilty. We owe him money. I’d feel aggrieved if I were in his place.
Lim added that AirAsia X ended operations in Indonesia and cancelled its stake in its Thai branch.
“We are liquidating Indonesia. The planes are with us,” he said.
Among the subsidiaries, AirAsia Japan ceased operations on October 5 and, according to local reports, AirAsia Group no longer budgets its branch in India.
AirAsia Philippines EXECUTIVE Director also said on October 19 that he is seeking new financing from monetary establishments. “We are in talks with money establishments to earn or raise money for operating capital purposes,” Ricky Isla told the Philippine Star.
Meanwhile, AirAsia founder Tony Fernandes said this week that countries will have to be informed to live with the virus.
“At some point, countries have to take on a small threat to reopen, because we live in a cave for the rest of our lives. We have to live with this virus like we have with others before, like colds or dengue. “”, he told the Bangkok Post on October 19.
Lim, of AirAsia X, said he has the idea that the call could return explosively if a vaccine is discovered.
Still, he said the long-term arm is making plans for a “more focused” business plan in the future, focusing on medium-travel routes.
“The first 3 years will see us particularly in our fleet,” he said.
“Increasing our profits will be our priority, our market share. “
Two of AirAsia X’s creditors, BOC Aviation and Malaysia Airports (Sepang) (MASSB), filed a lawsuit challenging their debt restructuring proposal, according to the airline group. Cut, Matrix. .
2020-10-26Q06: 47:00Z
Malay organization AirAsia has obtained a $300 million ($72 million) myR loan from Sabah Development Bank, basically for its in-state logistics network. “This loan is a component of the AirAsia virtual center. The main objective of the loan is logistics in SabahArray. .
2020-10-26Q04: 14:00Z
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