Thai AirAsia X receives approval for business rehabilitation plan

Thai AirAsia X received (01-Sep-2023) approval for its business rehabilitation plan from Thailand's Central Bankruptcy Court. The plan was revised in accordance with creditor decisions made on 14-Jul-2023. The LCC outlined the following growth strategies:

• Fleet expansion for revenue: Thai AirAsia X operates six aircraft and will expand in accordance with its rehabilitation plan by three to five additional aircraft in 2024. It will then expand by another eight aircraft by 2028, bringing the total fleet to 17. This will enable the LCC to serve a larger network from Bangkok Suvarnabhumi International Airport. It will also create opportunities to build on the carrier's cargo business;
• Operational cost reduction: This will be achieved largely through negotiations on aircraft leasing and aircraft maintenance agreements;
• Debt management: Thai AirAsia X will commence repaying creditors and reimbursing passengers impacted by flight cancellations during the COVID-19 pandemic. The payment plan will be carried out sequentially, in line with the company's business turnaround plan. [more - original PR]