AirAsia X to Finalize Restructuring by 2025, Cancels A330-900neo Order and Plans A330 Retirement
AirAsia X and parent company Capital A have met all conditions for their restructuring plan, with the Share Sale and Purchase Agreements (SSPAs) becoming unconditional as of October 29, 2025. The reorganization will see Capital A divest its airline operations to AirAsia X, which will be renamed AirAsia Group and consolidate all AirAsia-branded carriers.
Completion is expected by mid-December 2025, after which Capital A aims to remove its PN17 financial distress status. The company has secured all stakeholder approvals and a MYR1 billion (USD238 million) private placement. Capital A CEO Tony Fernandes confirmed that final steps will include capital reduction, relisting AirAsia X shares on Bursa Malaysia, and other regulatory processes.
Following completion, the new AirAsia Group will comprise seven airlines: short-haul carriers in Malaysia, Thailand, Indonesia, the Philippines, and Cambodia, along with medium-haul AirAsia X units in Malaysia and Thailand. Each airline will remain a separate legal entity but operate under one AirAsia Group umbrella, with aircraft managed through a centralized fleet structure.
Capital A will retain non-aviation units including Asia Digital Engineering, Teleport, AirAsia MOVE, Santan, and AirAsia NEXT, which could pursue a potential Nasdaq listing. Meanwhile, AirAsia Aviation Group is exploring a USD600 million bond issue to refinance debt.
As part of the restructuring, AirAsia X has cancelled its order for fifteen A330-900neos and will retire all A330-300s by 2031, transitioning to an all-narrowbody fleet centered on the A321neo and A321XLR. The group expects to reactivate all 255 aircraft by the end of 2025, expand its fleet to 600 within a decade, and reach 155 million passengers by 2035 as it grows its low-cost narrowbody network globally.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com