AirAsia X Berhad (“AAX” or “Company”) refers to the article published in The Edge Malaysia on 26 October 2020 entitled “More hurdles loom over AirAsia X’s debt restructuring plan” (“Said Article”).

In respect of the Said Article, the Company wishes to announce and clarify the following:

1. on 15 October 2020, the Company was served with amongst others, a sealed copy of the Notice of Application dated 14 October 2020, filed by BOC Aviation Limited against the Company in the High Court of Malaya (“High Court”) for an application to intervene in AAX’s application to the High Court in respect of AAX’s proposed debt restructuring scheme;
2. on 23 October 2020, the Company was served with amongst others, an unsealed copy of the Notice of Application dated 23 October 2020, filed by Malaysia Airports (Sepang) Sdn Bhd (“MASSB”) against the Company in the High Court for an application to intervene in AAX’s application to the High Court and be excluded from AAX’s proposed debt restructuring scheme;
3. it is part of the Company’s plan to raise up to RM500 million to restart the Company post restructuring. However, it is a prerequisite that the proposed debt restructuring scheme has to be completed and successful before the Company can formalize any fund raising exercise;
4. in respect of the liquidation of AirAsia X Indonesia, while it is known that AirAsia X Indonesia ceased operating scheduled services in January 2019, no liquidation proceedings have commenced as at the date of this announcement; and
5. the investment of AAX in Thai AirAsia X has been fully impaired based on AAX’s audited financial statements for the financial year ended 31 December 2019. 

This announcement is dated 26 October 2020.