Raj 0 Report post Posted October 8, 2020 6 A330's are in the process of being returned to the Lessors Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 8, 2020 (edited) AirAsia to return planes to lessors, shrink fleet - CEO https://www.thestar.com.my/business/business-news/2020/10/08/airasia-to-return-planes-to-lessors-shrink-fleet---ceo AirAsia X to shed aircraft and restructure debts https://www.flightglobal.com/strategy/airasia-x-to-shed-aircraft-and-restructure-debts/140489.article "AirAsia X plans to operate a fleet of “up to 25 [Airbus] A330 aircraft” and says it “remains engaged with all key business partners” over contracts and agreements. Cirium fleets data shows that Air Asia X has a fleet of 23 A330-300s, 21 of which are in storage. The carrier owns five A330s and leases the rest from various lessors. It also has orders with Airbus for 10 A350s, 76 A330neos and 30 A321XLRs." "We are not going to buy new planes and we are going to return as many as we can. I estimate by the end of next year we'll be flying 180 planes," Fernandes told reporters. The group currently has 245 aircraft. There are another 16 A330ceo/neo with Thai AirAsia X and PT Indonesia AirAsia Extra, making total of 39 A330ceo/neo for AirAsia Group with one more due to delivery HS-XTM. I guess they will cancel HS-XTM delivery. Draw down early birds and return those BOC Aviation ones and many others. Also sell off remaining owned five A330s..... Removal of 65 A320ceo 9M-AF*, AH* series will be first to go....and older ones in AirAsia India and Philippines. Battling for survival now......... Here is HS-XTM doing flight test when COVID-19 pandemic at its peak back in April 2020. Photo Credit: Ching Ho & Paul Y. M. Chow Edited October 8, 2020 by JuliusWong Share this post Link to post Share on other sites
flee 5 Report post Posted October 8, 2020 Big chunk of AirAsia X's debt owed to Airbus https://www.theedgemarkets.com/article/big-chunk-airasia-x-debt-owed-airbus Share this post Link to post Share on other sites
flee 5 Report post Posted October 9, 2020 CGS-CIMB: AirAsia X equity value will remain below zero even with debt restructuring https://www.theedgemarkets.com/article/cgscimb-airasia-x-equity-value-will-remain-below-zero-even-debt-restructuring Share this post Link to post Share on other sites
Ahmad Faiqq 0 Report post Posted October 9, 2020 14 hours ago, JuliusWong said: AirAsia to return planes to lessors, shrink fleet - CEO https://www.thestar.com.my/business/business-news/2020/10/08/airasia-to-return-planes-to-lessors-shrink-fleet---ceo AirAsia X to shed aircraft and restructure debts https://www.flightglobal.com/strategy/airasia-x-to-shed-aircraft-and-restructure-debts/140489.article "AirAsia X plans to operate a fleet of “up to 25 [Airbus] A330 aircraft” and says it “remains engaged with all key business partners” over contracts and agreements. Cirium fleets data shows that Air Asia X has a fleet of 23 A330-300s, 21 of which are in storage. The carrier owns five A330s and leases the rest from various lessors. It also has orders with Airbus for 10 A350s, 76 A330neos and 30 A321XLRs." "We are not going to buy new planes and we are going to return as many as we can. I estimate by the end of next year we'll be flying 180 planes," Fernandes told reporters. The group currently has 245 aircraft. There are another 16 A330ceo/neo with Thai AirAsia X and PT Indonesia AirAsia Extra, making total of 39 A330ceo/neo for AirAsia Group with one more due to delivery HS-XTM. I guess they will cancel HS-XTM delivery. Draw down early birds and return those BOC Aviation ones and many others. Also sell off remaining owned five A330s..... Removal of 65 A320ceo 9M-AF*, AH* series will be first to go....and older ones in AirAsia India and Philippines. Battling for survival now......... Here is HS-XTM doing flight test when COVID-19 pandemic at its peak back in April 2020. Photo Credit: Ching Ho & Paul Y. M. Chow Will they remove their A321neo as well? Share this post Link to post Share on other sites
flee 5 Report post Posted October 9, 2020 AirAsia boss Tony Fernandes confirms axed 10pc of staff in latest round of retrenchments https://www.malaymail.com/news/malaysia/2020/10/09/airasia-boss-tony-fernandes-confirms-axed-10pc-of-staff-in-latest-round-of/1911284 Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 10, 2020 This flew under the radar. Mavcom settles suits with Airasia, Airasia X over RM2m fines https://www.malaysiakini.com/news/543467 "On Sept 14, before two separate Kuala Lumpur High Courts, the parties recorded consent judgments in the matter, entailing Airasia and Airasia X each to pay the RM2 million fines in 18 instalments." Wondering now if AirAsia is able to meet the obligation. RM113,000 per month for 18 months. Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 10, 2020 Proposed Debt Restructuring details are here: http://airasiax.com/newsroom/Announcement_-_Proposals_(06.10.2020).pdf Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 13, 2020 AirAsia wins Malaysia state backing for $242m COVID lifeline https://asia.nikkei.com/Business/Business-trends/AirAsia-wins-Malaysia-state-backing-for-242m-COVID-lifeline > Won backing of RM1 billion from Danajamin Prihatin Guarantee Scheme, operated by Danajamin Nasional > Will return some of AirAsia's fleet of aircraft to its lessors > In discussion with Airbus to reduce pending orders of narrow-body A320 and A321 aircraft as well wide-body A330 > Proposed to cut narrowbody fleet to 180 planes by the end of 2021 compared with 245 now > Will cut further 400 jobs, on top of announced 2,800 jobs in first and second round of redundancy. Share this post Link to post Share on other sites
flee 5 Report post Posted October 13, 2020 Interesting to note that Airasia has already made job cuts while Malaysia Airlines are still not letting go of employees to cut overheads. No wonder creditors are not too pleased to take any haircuts when the airline itself isn't doing very much to help itself. I think that currently, Airasia is fighting to save itself and loss making units like Airasia Japan, Airasia India and Airasia X are left very much to themselves to manage their problems. That was why Airasia Japan was closed down - its losses are small and its recovery prospects are slim. No point throwing good money at them when the money is better spent on Airasia itself. Share this post Link to post Share on other sites
flee 5 Report post Posted October 13, 2020 MoF denies approving govt financing or guarantee to AirAsia KUALA LUMPUR (Oct 13): The Ministry of Finance (MoF) has denied approving any government financing or guarantee to any airline in response to a report that low-cost carrier AirAsia Group Bhd had secured credit from the government. “The MoF would like to clarify that it has not approved any government financing or guarantee to any airline,” said an authorised MoF spokesperson. Nikkei Asia reported today that AirAsia Group had secured RM1 billion (US$242 million) credit from the Malaysian government. https://www.theedgemarkets.com/article/mof-denies-approving-govt-financing-or-guarantee-airasia Share this post Link to post Share on other sites
flee 5 Report post Posted October 14, 2020 AirAsia may have to look for private financial support to stay afloat KUALA LUMPUR: AirAsia Group Bhd may have to look for non-government means of financial help to stay afloat after the Ministry of Finance (MoF) dismisses reports that the low-cost airline has secured a large loan from it. https://www.nst.com.my/business/2020/10/632169/airasia-may-have-look-private-financial-support-stay-afloat Share this post Link to post Share on other sites
flee 5 Report post Posted October 17, 2020 AAX: The last stand A MASTER reset at the loss-making and debt-laden AirAsia X Bhd (AAX) has been a long time coming. It could have dragged its financial woes on and on but the Covid-19 pandemic, which has thrashed the aviation industry globally, may very well have forced the hand of low-cost, long-haul associate of AirAsia Group Bhd. It could still be a blessing in disguise, depending on how the restructuring plan for its RM63.5bil debt turns out. The pandemic, which has grounded the airline’s entire fleet since the second quarter of 2020, has delivered the hard reset button to AAX to do some soul searching and to right its wrongs before it prepares for take-off again. From the very beginning, sceptics had doubted whether a business model of a long-haul budget airline would work, seeing how the late Sir Freddie Laker’s Skytrain went bust in the 80s. Thirteen years down the road, it would seem like AAX might go down the same road and prove its critics right. https://www.thestar.com.my/business/business-news/2020/10/17/star-exclusive---aax-the-last-stand Share this post Link to post Share on other sites
KK Lee 5 Report post Posted October 17, 2020 2 hours ago, flee said: AAX: The last stand A MASTER reset at the loss-making and debt-laden AirAsia X Bhd (AAX) has been a long time coming. It could have dragged its financial woes on and on but the Covid-19 pandemic, which has thrashed the aviation industry globally, may very well have forced the hand of low-cost, long-haul associate of AirAsia Group Bhd. It could still be a blessing in disguise, depending on how the restructuring plan for its RM63.5bil debt turns out. The pandemic, which has grounded the airline’s entire fleet since the second quarter of 2020, has delivered the hard reset button to AAX to do some soul searching and to right its wrongs before it prepares for take-off again. From the very beginning, sceptics had doubted whether a business model of a long-haul budget airline would work, seeing how the late Sir Freddie Laker’s Skytrain went bust in the 80s. Thirteen years down the road, it would seem like AAX might go down the same road and prove its critics right. https://www.thestar.com.my/business/business-news/2020/10/17/star-exclusive---aax-the-last-stand As said many times, D7 business model with a333 is basically not sustainable. Share this post Link to post Share on other sites
flee 5 Report post Posted October 17, 2020 3 hours ago, KK Lee said: As said many times, D7 business model with a333 is basically not sustainable. Your comment suggests to me that you have not read the article in the above link. Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 18, 2020 (edited) Asset offloading commenced: AirAsia A320-214 9M-AFB has left the fleet, now with Laudamotion as OE-LMR. 9M-AFC is also in preparation for returned to lessor onwards to Laudamotion. OE-LMT has been allocated. Edited October 18, 2020 by JuliusWong Share this post Link to post Share on other sites
flee 5 Report post Posted October 22, 2020 RM300mil loan for AirAsia? https://www.nst.com.my/business/2020/10/634319/rm300mil-loan-airasia Share this post Link to post Share on other sites
flee 5 Report post Posted October 22, 2020 MAHB sends legal letter to AAX in a move that may scuttle debt restructuring of a big customer https://www.theedgemarkets.com/article/malaysia-airport-sends-legal-letter-aax-move-may-scuttle-debt-restructuring-big-customer Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 22, 2020 4 hours ago, flee said: MAHB sends legal letter to AAX in a move that may scuttle debt restructuring of a big customer https://www.theedgemarkets.com/article/malaysia-airport-sends-legal-letter-aax-move-may-scuttle-debt-restructuring-big-customer Hunting season is on for AirAsia Group.......... MAHB, BOC Aviation and I believe there will be more are now up in arms over AirAsia assets. May force them to put their remaining aircraft, office tables and chairs as collateral. TF might want to consider selling his London and Bangkok home for some cash. Gone are the day when few hundreds thousands are sink in for Year End Concert/Dinner with all the international stars.....also the many many different ventures that opened, rebranded many time over and shuts god knows when................. Share this post Link to post Share on other sites
flee 5 Report post Posted October 22, 2020 Airasia X management should only worry about the creditors' scheme of arrangement - if the big creditors agree, it can try to rescue the airline. If they don't agree, they should just liquidate the airline and not waste any more money. Don't repeat the mistakes of Malaysia Airlines. This is more so as the aviation industry is suffering its worst ever crisis and the next 5 years will be extremely tough for the industry. Share this post Link to post Share on other sites
Josh T 0 Report post Posted October 22, 2020 All this hullabaloo explains why refunds are taking so long to process. I'm still waiting for a refund of about MYR7500 for flights D7 cancelled. Had another set of flights with AK worth about MYR850 but I'd be willing to let that be turned into a credit if they refuse to refund those (but will try for a refund first, of course). Share this post Link to post Share on other sites
flee 5 Report post Posted October 23, 2020 AirAsia Group shares up 3.6% as capital raising plan goes well https://www.theedgemarkets.com/article/airasia-group-shares-36-capital-raising-plan-goes-well Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 23, 2020 (edited) They still need to think of a way to raise another RM700million after getting RM300million from Sabah Government. Guess they can turn to Penang and Johor Government for help since they have established quite substantial hubs at both states. With RM1billion, TF mentioned he is comfortable. Not sure how long RM1billion will last them. They need to negotiate with Airbus for their A350/A330neo/A321XLR/A320neo order since their objective moving forward is to be medium haul operator. Airbus has delivered quite a few aircraft this year despite the massive downturn in aviation industry, can be a sign Airbus is willing to negotiate their deals with their customers. However, AirAsia Group still has some legal stuff to pay off RM60million for airport fee due to MAHB spat, lawyers to fight lessors lawsuit, MyCC fine, MAHB navigation fee, office rentals (which I don't understand why there are so many ie. in KL Sentral, RedQ, Damansara), digital ventures, 20k staff payroll. Most importantly refund to customers! Edited October 23, 2020 by JuliusWong Share this post Link to post Share on other sites
flee 5 Report post Posted October 23, 2020 (edited) AirAsia confirms securing RM300m loan from Sabah Development Bank https://www.theedgemarkets.com/article/airasia-confirms-securing-rm300m-loan-sabah-development-bank https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3099194 Edited October 23, 2020 by flee Share this post Link to post Share on other sites
flee 5 Report post Posted October 23, 2020 AirAsia X confirms MAHB suit for RM78m aeronautical charges https://www.theedgemarkets.com/article/airasia-x-confirms-mahb-suit-rm78m-aeronautical-charges https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3099203 Share this post Link to post Share on other sites