Thai AirAsia X seeks investors, to restructure in 2022

Thai AirAsia X (XJ, Bangkok Don Mueang) plans to enter formal restructuring in 2022 and seek new investors to finance its relaunch, the Executive Chairman of majority-owner Asia Aviation, Tassapon Bijleveld, told The Bangkok Post.

Tassapon did not reveal the amount of funding the airline would seek, nor did he disclose the type of recapitalisation.

Asia Aviation, which owns a 51% stake in Thai AirAsia X, recently secured shareholder approval to raise THB14 billion baht (USD415 million) through a mix of shares to be issued to new and existing investors as well as convertible bonds.

The long-haul low-cost carrier subsidiary of Thai AirAsia (FD, Bangkok Don Mueang) has not operated scheduled passenger flights since late March 2020. Its fleet comprises eight A330-300s currently used for cargo-only services and two inactive A330-900s, the ch-aviation fleets advanced module shows. The airline has scheduled a restart of its passenger operations for February 2, 2022, with services from Bangkok Don Mueang to each of Tokyo Narita and Seoul Incheon, but the plan may still change depending on COVID regulations.

The remaining 49% stake in Thai AirAsia X is owned by AirAsia X (D7, Kuala Lumpur Int’l), a Bursa Malaysia-listed company, which is also in restructuring.