Malaysia's AirAsia X seeks creditor help
One of Asia's top airlines - AirAsia X - is in trouble.
The long-haul budget carrier said Wednesday (August 26) it needs creditors' support to ride out the global health crisis.
The Malaysian airline posted a quarterly loss of 73 million dollars, while revenue plunged 91% to around 21 million dollars.
AirAsia X said it faced severe liquidity constraints, and would look for payment deferrals and concessions from suppliers.
It also said its survival depended on the gradual resumption of flights in early 2021 and a return to profitability.
With uncertainty over border restrictions, AirAsia X has stopped selling tickets for future travel, and most of its aircraft fleet is also grounded.
In the quarter, the airline only operated 16 scheduled flights, and carried just under 2,300 passengers.
A massive drop-off from a year earlier, when more than one million flew with them.
Parent company AirAsia Group reported its largest quarterly loss on Tuesday (August 25), but did say its overall business had stabilized.
