Malaysian budget carrier AirAsia X’s net loss widens by 82%

REUTERS/Beawiharta

Malaysian long-haul budget carrier AirAsia X’s net loss widened by 82% in the fourth quarter, it said in a stock exchange filing on Friday, for a seventh straight quarterly loss as operations remain grounded because of the COVID-19 pandemic.

The airline recorded 174.3 million ringgit ($43.06 million) in losses for the October-December period, compared with 95.8 million ringgit in the same quarter a year ago.

Revenue plunged 95% to 54.7 million ringgit.

AirAsia X, an affiliate of AirAsia Group, is seeking a restructuring of its debt.

A Malaysian court this week granted it leave to convene meetings with creditors to vote on a plan to reconstitute 64.15 billion ringgit of debt.

“This decision by the court to allow the company to seek concessions from its creditors represents an important step forward in the restructuring process,” AirAsia X said.

The airline has plans to raise up to 500 million ringgit via new equity funding from existing and new investors to provide sufficient capital to restart operations when international borders reopen.

The proposed fundraising exercise, however, is dependent on the restructuring plan succeeding.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.