khairuddin abu hanifah 0 Report post Posted October 23, 2020 (edited) Stop RM300 million Sabah loan to AirAsia, says SAPP chief https://www.freemalaysiatoday.com/category/highlight/2020/10/23/stop-rm300-million-sabah-loan-to-airasia-says-sapp-chief/ Edited October 23, 2020 by khairuddin abu hanifah Share this post Link to post Share on other sites
Alif A. F. 0 Report post Posted October 23, 2020 2 hours ago, khairuddin abu hanifah said: Stop RM300 million Sabah loan to AirAsia, says SAPP chief https://www.freemalaysiatoday.com/category/highlight/2020/10/23/stop-rm300-million-sabah-loan-to-airasia-says-sapp-chief/ I get cringed everytime politician make statements. Share this post Link to post Share on other sites
Josh T 0 Report post Posted October 23, 2020 (edited) Urgh. After waiting 3.5 months, I get an email from AK about their current financial situation and that they won't be processing any refunds or travel credits until they get their new loans. So, what happens? My case number for the cancelled flights gets closed, which means I'll have to wait to see if AK can secure new loans, and then start the whole refund process again, which is completely unacceptable, as that means at least another 3-4 months. Time for a credit card charge-back! Edited October 23, 2020 by Josh T Share this post Link to post Share on other sites
Li Ren 2 Report post Posted October 24, 2020 (edited) 4 hours ago, Josh T said: Urgh. After waiting 3.5 months, I get an email from AK about their current financial situation and that they won't be processing any refunds or travel credits until they get their new loans. So, what happens? My case number for the cancelled flights gets closed, which means I'll have to wait to see if AK can secure new loans, and then start the whole refund process again, which is completely unacceptable, as that means at least another 3-4 months. Time for a credit card charge-back! Read upon a reply from foreigner on AK's soc med, he was pissed off with the forever waiting refunds, then he use a way to request refund from the credit card issuer. In short, he lodge a complaint with documents to credit card issuer bank and after few weeks he got refunded directly to his credit card. Not sure this applies to EU credit card as part of their T&C or it is applicable over here too. Maybe you can study this method. More readings here : https://www.creditcards.com/credit-card-news/what-is-a-chargeback/ Edited October 24, 2020 by Li Ren Share this post Link to post Share on other sites
Josh T 0 Report post Posted October 24, 2020 Thanks for the link. I've just initiated a charge-back with my credit card that was used for these flights. Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 24, 2020 (edited) 9 hours ago, Alif A. F. said: I get cringed everytime politician make statements. Yes, did he actually bothered to read what the loan entails to? All of the 300million are invested back in Sabah. As per Bursa Malaysia filing: "The purpose of the loan is to fund specific development projects as agreed by both parties as listed below: RM170 million to establish and operate OURFARM digital food supply chain and cold chain facilities in Sabah; RM110 million to part-finance the project to turn Kota Kinabalu International Airport into an international hub for AirAsia Berhad's operations; RM10 million to enhance e-commerce platforms and marketability of Sabah products; and RM10 million to further promote Sabah tourism destinations on airasia.com, the digital super app of AirAsia. This loan is in line with AirAsia’s pivot into the digital business. The main purpose of the loan is to enhance logistics in Sabah by increasing its supply chain and connectivity, creating over 100,000 new jobs in the process." AirAsia Group is unable to redistribute the money for other purposes. Well, by wordings, no; who knows what will happen in real. Now the question, did they get back their KKIA T2? It seems they will require to build up KKIA into international hub, maybe we will soon see A330 and more A320 being stationed there once the borders reopens. Edited October 24, 2020 by JuliusWong Share this post Link to post Share on other sites
Alif A. F. 0 Report post Posted October 24, 2020 13 minutes ago, JuliusWong said: Now the question, did they get back their KKIA T2? It seems they will require to build up KKIA into international hub, maybe we will soon see A330 and more A320 being stationed there once the borders reopens. Don't think it will be possible as long as MAHB is still in-charge. Share this post Link to post Share on other sites
JuliusWong 0 Report post Posted October 24, 2020 MAHB checkmates AirAsia X https://www.thestar.com.my/business/business-news/2020/10/24/mahb-checkmates-airasia-x Share this post Link to post Share on other sites
Li Ren 2 Report post Posted October 24, 2020 2 hours ago, Josh T said: Thanks for the link. I've just initiated a charge-back with my credit card that was used for these flights. Hope you success with it. Do update us on the case pls Share this post Link to post Share on other sites
BC Tam 2 Report post Posted October 25, 2020 Cover Story: Creditors to decide fate of MAS, AirAsia X https://www.theedgemarkets.com/article/cover-story-creditors-decide-fate-mas-airasia-x Quote AAX, meanwhile, is asking its unsecured creditors to write down their dues totalling RM63.49 billion by a whopping 99.7% to RM200 million, without offering them any equity in the airline. Wonder why they still call it "debt restructuring" - isn't that closer to a debt write off instead ? 😁 Share this post Link to post Share on other sites
flee 5 Report post Posted October 25, 2020 MAHB sets record straight over lawsuit against AirAsia X KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) today clarified that its filing of a RM78 million lawsuit against AirAsia X will not derail the latter’s debt restructuring scheme. “Malaysia Airports is pursuing its legal rights to recover the debt from AirAsia X which is critical for the upkeep and maintenance of the airports,” it said in response to a local media news report on Oct 24 headlined, ‘MAHB checkmates AirAsiaX’. https://www.thesundaily.my/local/mahb-sets-record-straight-over-lawsuit-against-airasia-x-HG4796900 Share this post Link to post Share on other sites
Josh T 0 Report post Posted October 25, 2020 3 hours ago, BC Tam said: Cover Story: Creditors to decide fate of MAS, AirAsia X https://www.theedgemarkets.com/article/cover-story-creditors-decide-fate-mas-airasia-x Wonder why they still call it "debt restructuring" - isn't that closer to a debt write off instead ? 😁 Love how they want to essentially write off their debts. We can't pay our debts so let's try not to pay it at all. Not surprising since they treat their customers the same way when it comes to refunds. Share this post Link to post Share on other sites
flee 5 Report post Posted October 26, 2020 AirAsia X explains Malaysia Airports' RM78mil debt owed https://www.nst.com.my/business/2020/10/635366/airasia-x-explains-malaysia-airports-rm78mil-debt-owed Share this post Link to post Share on other sites
flee 5 Report post Posted October 26, 2020 AirAsia Group lowers Malaysia market recovery expectations https://www.theedgemarkets.com/article/airasia-group-lowers-malaysia-market-recovery-expectations Share this post Link to post Share on other sites
flee 5 Report post Posted October 27, 2020 AAX confirms BOC intervention application relating to debt restructuring scheme https://www.theedgemarkets.com/article/aax-confirms-boc-intervention-application-relating-debt-restructuring-scheme Share this post Link to post Share on other sites
Alif A. F. 0 Report post Posted October 28, 2020 (edited) Defending Sabah bank’s controversial RM300m loan to AirAsia, ex-CM Shafie says approval only after all conditions met https://www.malaymail.com/news/malaysia/2020/10/28/defending-sabah-banks-controversial-rm300m-loan-to-airasia-ex-cm-shafie-say/1917190 RM300 million loan to AirAsia done by the book, says former CM https://www.nst.com.my/news/nation/2020/10/636132/rm300-million-loan-airasia-done-book-says-former-cm MACC probing RM300 mil loan by Sabah-owned bank to AirAsia https://www.freemalaysiatoday.com/category/highlight/2020/10/28/macc-probing-rm300-mil-loan-by-sabah-owned-bank-to-airasia/ Help small businesses instead of AirAsia, economist urges Sabah https://www.freemalaysiatoday.com/category/highlight/2020/10/26/help-small-businesses-instead-of-airasia-economist-urges-sabah/ SDB may be in jeopardy: DCM http://www.dailyexpress.com.my/news/160619/sdb-may-be-in-jeopardy-dcm/ Edited October 28, 2020 by Alif A. F. Share this post Link to post Share on other sites
khairuddin abu hanifah 0 Report post Posted November 1, 2020 Fight back, says union as 2,000 Malindo staff bid farewell https://www.freemalaysiatoday.com/category/nation/2020/11/01/sue-malindo-says-union-as-2000-airline-staff-bid-farewell/?fbclid=IwAR3XSEaDPCskCciHh62_DCKltsape5RKjU0RvUwRbmhZMbYxSiyO9ZtvSaA Share this post Link to post Share on other sites
flee 5 Report post Posted November 2, 2020 AirAsia X to revise RM64b debt reform plan to expedite talks with creditors, say sources https://www.malaymail.com/news/money/2020/10/29/airasia-x-to-revise-rm64b-debt-reform-plan-to-expedite-talks-with-creditors/1917513 Share this post Link to post Share on other sites
flee 5 Report post Posted November 3, 2020 More hurdles loom over AirAsia X’s debt restructuring plan https://www.theedgemarkets.com/article/newsbreak-more-hurdles-loom-over-airasia-xs-debt-restructuring-plan Share this post Link to post Share on other sites
flee 5 Report post Posted November 3, 2020 I think that the best course of action for Airasia X is to liquidate, if creditors are going to object. However, much will depend on what Airbus and Rolls Royce decides. Share this post Link to post Share on other sites
KK Lee 5 Report post Posted November 3, 2020 14 minutes ago, flee said: I think that the best course of action for Airasia X is to liquidate, if creditors are going to object. However, much will depend on what Airbus and Rolls Royce decides. D7 business model is unsustainable, liquidation is the only sensible business and financial solution. Share this post Link to post Share on other sites
flee 5 Report post Posted November 3, 2020 29 minutes ago, KK Lee said: D7 business model is unsustainable, liquidation is the only sensible business and financial solution. A more sustainable solution might be for Airasia Group to do the medium haul routes with the A321XLR and maybe take 2 or 3 A330-900 for long haul routes. That way, they eliminate the fixed costs of D7 as the medium and long haul routes are just an extension of AK. Share this post Link to post Share on other sites
flee 5 Report post Posted November 4, 2020 AirAsia X classifies MAHB as secured creditor in revised debt revamp scheme, but says 'will not be intimidated' https://www.theedgemarkets.com/article/airasia-x-revises-revamp-scheme-and-puts-mahb-secured-creditor-says-will-not-be-intimidated Share this post Link to post Share on other sites
Timothy 1 Report post Posted November 16, 2020 On 10/24/2020 at 2:44 PM, JuliusWong said: Yes, did he actually bothered to read what the loan entails to? All of the 300million are invested back in Sabah. As per Bursa Malaysia filing: "The purpose of the loan is to fund specific development projects as agreed by both parties as listed below: RM170 million to establish and operate OURFARM digital food supply chain and cold chain facilities in Sabah; RM110 million to part-finance the project to turn Kota Kinabalu International Airport into an international hub for AirAsia Berhad's operations; RM10 million to enhance e-commerce platforms and marketability of Sabah products; and RM10 million to further promote Sabah tourism destinations on airasia.com, the digital super app of AirAsia. This loan is in line with AirAsia’s pivot into the digital business. The main purpose of the loan is to enhance logistics in Sabah by increasing its supply chain and connectivity, creating over 100,000 new jobs in the process." AirAsia Group is unable to redistribute the money for other purposes. Well, by wordings, no; who knows what will happen in real. Now the question, did they get back their KKIA T2? It seems they will require to build up KKIA into international hub, maybe we will soon see A330 and more A320 being stationed there once the borders reopens. thanks for the breakdown ! The announcement could have been released with more tact, ie: Sabah Governemnt Partners AirAsia on Digital Growth etc Worst still are "leaders" who release statements just for emotional mileage. Share this post Link to post Share on other sites
BC Tam 2 Report post Posted November 17, 2020 (edited) Quote The purpose of the loan is to fund specific development projects as agreed by both parties as listed below: RM170 million to establish and operate OURFARM digital food supply chain and cold chain facilities in Sabah; RM110 million to part-finance the project to turn Kota Kinabalu International Airport into an international hub for AirAsia Berhad's operations; RM10 million to enhance e-commerce platforms and marketability of Sabah products; and RM10 million to further promote Sabah tourism destinations on airasia.com, the digital super app of AirAsia. Let us be realistic and practical about it - any of that money spent on those very specific purposes for the time being will be exercises in futility Better to dump the money in now to help keep AK group alive in hope they can pull through this crisis, in time eventually, and only then talk about all those fanciful projects 🙂 Like what reasonable degree of success can one possibly envisage in turning KKIA into an "international hub" and "promote Sabah tourism destinations" when borders are closed off everywhere ?! 😄 Edited November 17, 2020 by BC Tam Share this post Link to post Share on other sites
