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Saturday, June 3, 2023

Thai AirAsia X has filed for bankruptcy

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Thai AirAsia X, a low-cost long-haul carrier, has filed for business rehabilitation, becoming the third Thai airline to do so after Thai Airways and Nok Air.

After weathering the COVID-19 pandemic, Thai AirAsia X plans to “revamp the company’s administrative procedures and restructure its debts, creating better efficiency and a stable base for vigorous future growth.”

The application for corporate restructuring was approved on May 18, 2022, according to a statement.

“Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening,” Patima Jeerapaet, Chief Executive of Thai AirAsia X, said.

The carrier further stated that its plans to resume operations will not be affected by the business rehabilitation.

“Thai AirAsia X also has further plans for expansion and will be adding flight frequencies and new routes in line with demand,” Patima added. “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.”

The restructuring procedure would have no influence on Thai AirAsia and Asia Aviation (AAV), which are distinct organizations, according to Thai AirAsia X.

AirAsia X, a Malaysian subsidiary, had previously applied for business rehabilitation. The airline’s financial restructuring was completed in March 2022.

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