The Malaysian Stock Exchange (Bursa Malaysia) has granted AirAsia X (D7, Kuala Lumpur International) an extra three months to submit its regularisation plan. It follows a mid-April extension request by the low-cost-carrier.
AirAsia X (AAX) was assigned Practice Note 17 (PN17) status in October 2021 by the Bursa Malaysia. This occurs when the stock exchange considers an entity to be financial distress. The stock exchange gives the company 12 months to regularise its financial affairs or risk delisting. Submitting a regularisation plan is part of the process. However, AAX has now managed to extend the 12 month timeframe to 21 months. During the last quarter of 2022, it successfully applied for its first time extension to submit its regularisation plan, and a new deadline of April 29, 2023, was given. Now, the airline has gained another three months.
"On behalf of the board of directors of AAX, AmInvestment Bank Berhad wishes to announce that Bursa Securities had via its letter dated 9 May, 2023, granted a further extension of time of three months up to 28 July, 2023, for the company to submit its regularisation plan to the regulatory authorities," a May 9 filing reads.
AirAsia X ceased scheduled flight operations at the start of the pandemic, and commenced restructuring its debt by way of a scheme of arrangement in October 2020. That restructuring was completed and formalised in March 2022. Scheduled services resumed in April 2022 and since then, the airline says it has been on a "steady course of recovery."
According to ch-aviation fleets data, AirAsia X has ten of its fourteen A330-300s back in the air. The airline has resumed flights to 22 destinations in 12 countries, including New Zealand, China, South Korea, India, Indonesia, Australia, Saudi Arabia, Japan, and Taiwan.
