AirAsia X announces debt and corporate restructuring

KUALA LUMPUR: AirAsia X Bhd (AAX) has announced a group-wide debt and corporate restructuring scheme, as the cash-starved budget airline seeks to avoid liquidation and restart some flight operations early next year.

"To avoid a liquidation and to allow the airline to fly again, the only option is for AAX to undertake a group-wide debt and corporate restructuring and update its business model to survive and thrive in the long term," AAX said in a filing with Bursa Malaysia today.