AirAsia X (D7, Kuala Lumpur International) has asked the Bursa Malaysia for an additional three months to file its regularisation plan. The April 12 filing follows an October 2022 request for an additional six months to submit its plan.
AirAsia X Bhd (AAX), the listed company behind AirAsia X, was assigned Practice Note 17 (PN17) status in October 2021 by the Bursa Malaysia. The stock exchange issues PN17s to listed entities in financial distress and gives them 12 months to "regularise" their financial affairs or risk delisting. Part of the process involves filing a formal regularisation plan.
In 4Q 2022, AAX applied to the Bursa Malaysia for its first extension, with the stock exchange granting that application and setting a new plan submission date of April 29, 2023. The latest application requests a new date of July 28, 2023. The stock exchange is yet to respond. Earlier this month, in a separate filing, AAX said "the board of directors wishes to announce that the company and the appointed advisers are in the midst of formulating and/or evaluating the proposals to develop the proposed regularisation plan to holistically restructure its business and financial condition."
Tony Fernandes, the CEO of Capital A, the entity behind the AirAsia Group and its various airline brands, including AirAsia X, has flagged rebranding AAX to AAG (AirAsia Group) and bringing six airline brands into that publicly traded entity, which he likens to the way IAG International Airlines Group structures its operations. "As one company, we can take out a lot of costs but there will be separate operations by each individual airline," Fernandes has said about the proposal.
After a torrid pandemic, AirAsia X is ramping up its long haul operations, including resuming its Kuala Lumpur - Gold Coast Coolangatta flights earlier this month. According to ch-aviation PRO airlines data, AirAsia X is back flying to 21 ports in 12 countries using a fleet of thirteen A330-300s.
