BANGKOK: Asia Aviation Pcl, the operator of Thailand’s biggest budget carrier Thai AirAsia
Co, plans to raise as much as 17.9 billion baht (US$535mil or RM2.23bil) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history.
A revised financial restructuring plan for the company has been put forward and Asia Aviation is consulting with new investors, shareholders and creditors, Asia Aviation said in an exchange filing.
The holding company joins a plethora of airlines globally trying to repair their balance sheets after Covid-19 all but put a stop to international air travel in early 2020.
While climbing vaccination rates are seeing travel spring back in some parts of the world, in Asia it’s nowhere near pre-pandemic levels. Thai Airways International Pcl and Nok Airlines Pcl are also pursuing financial restructurings.
...