Saturday, 17 October 2020
Long-haul, low-cost carrier AirAsia X Bhd has run out of money and needs to raise up to 500 million ringgit ($120.60 million) to restart the airline, deputy chairman Lim Kian Onn said in a newspaper interview published on Saturday.
The Malaysian airline, the long-haul arm of AirAsia Group Bhd , said this month it wanted to restructure 63.5 billion ringgit ($15.32 billion) of debt and slash its share capital by 90% to continue as a going concern.
"We have run out of money," Lim told The Star newspaper. "Obviously, banks will not finance the company without shareholders, both old and new, putting in fresh equity. So, a prerequisite is fresh equity."