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,PublicInvest Research said final negotiations with lessors and creditors are still ongoing and the company hopes to hold the creditors’ meeting by the end of next month.

KUALA LUMPUR: All eyes are on AirAsia X Bhd (AAX) as the group plans to raise new equity funding to help restart its operations when international borders reopen.

PublicInvest Research in its latest report said it is keeping estimates unchanged at this juncture, pending completion of AAX’s restructuring exercise.

The research house is also retaining its “underperform” call on the company with a target price of one sen.

“AAX continues to face severe liquidity constraints and all hopes are on a successful debt restructuring and new equity-funding exercise from existing and new investors to provide sufficient capital to restart operations when international borders reopen.“While the company’s shareholders have approved all the proposals at the recent EGM on June 1, the implementation of the fundraising exercise can only be undertaken upon successful completion of the proposed debt restructuring exercise.”

PublicInvest Research said final negotiations with lessors and creditors are still ongoing and the company hopes to hold the creditors’ meeting by the end of next month.

AAX reported a quarterly net loss of RM24.63bil in the April 1 to June 30 quarter on the back of RM72.26mil in quarterly revenue.

In a statement accompanying its latest financial results earlier this week, AAX said it suffered from the full impact of the Covid-19 pandemic during the quarter ended June 30.

With the suspension of scheduled flight operations since April 2020 and the parking of the majority of the aircraft fleet, the company added that its performance indicators for the business “are not meaningful.”

AAX also said that the tabular presentation of revenue and cost metrics in the quarter is therefore also not included in its financial statements, as there is no like-for-like comparison to the same quarter of 2020.

Its financial statements under the auditors’ report portion said that it also planned to make an application for a government guaranteed loan of up to RM500mil under the Danajamin Prihatin Guarantee Scheme (DPGS).

“This application is subject to the credit assessment, final evaluation and approval from the relevant financial institutions.

“At present, the company is in discussion with a financial institution to secure the DPGS loan.”

AAX said the plans are formulated with the aim to achieve an organised and systematic resolution to address the group’s and the company’s current financial conditions.

“The validity of the going concern assumption of the group and the company is dependent on the ability to gradually resume scheduled flight operations on a staggered basis starting early 2021 and their ability to return to profitability.”


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