Friday, 20 May 2022

Thai AirAsia X seeks bankruptcy protection........


Thai AirAsia X, the low fare long haul carrier, has begun preparations to initiate a rehabilitation process after its submission on 17 May,2022  was accepted by the Thai Central Bankruptcy Court on 18 May, 2022. This move marks the third Thai airline in recent times to file for bankruptcy, following on from Nok and Thai Airways.

Thai Air Asia X says the main objective is to revamp the company’s administration process and restructure its debts, delivering greater efficiency and a solid platform for robust future growth after weathering the COVID-19 pandemic. The process will have no impact on passengers as operations will continue as usual and Thai AirAsia X prepares to reintroduce flights to South Korea and Japan from June 2022 onwards.    

The filing for rehabilitation by Thai AirAsia X will furthermore have no impact or any effect on Thai AirAsia (FD) and Asia Aviation Plc. (AAV), which are separate entities with discrete operations and routes.

Mr Patima Jeerapaet, Chief Executive of Thai AirAsia X, explained that the airline’s decision to enter into rehabilitation at this time was made to enhance the administration process in the best interests of its business progress, especially in terms of managing the company’s debt, which has been impacted over the past two years of pandemic. He confidently expressed that all of the carrier’s stakeholders would fully support the move.

“Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening. We assure that this process will have no impact on our services of passengers or flight plans during this process. Passengers who have already booked or are looking to book our flights will be able to fly to South Korea and Japan starting this June 2022. Thai AirAsia X also has further plans for expansion and will be adding flight frequencies and new routes in line with demand” Mr Patima said.

Once the Thai Central Bankruptcy Court grants its order for Thai AirAsia X to enter into the rehabilitation process, the carrier will draft a rehabilitation plan and bolster its liquidity to ensure it operates at full capacity. Progress on the company’s rehabilitation process will be reported periodically.

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