News
Thai AirAsia restructuring approved
November 30th 2021
A shareholders meeting of Thai AirAsia parent, Asia Aviation Ltd (AAV), late last week overwhelmingly approved resolutions to restructure the budget carrier. Read More » More than 99% of votes were in favour of the financial rehabilitation strategy. The airline aims to raise up to 17.9 billion baht (US$536 million), including 14 billion baht secured by convertible bonds and new shares. It also outlined an AAV raising of 8.8 billion baht by increasing its registered capital and offering newly issued ordinary shares in a private placement. This will result in AAA being offered an additional investment of 7.8 billion baht and individual investors shareholdings of up to 1 billion baht. The plan requires another 2.2 billion baht to be raised from the sale of convertible bonds and 3 billion baht from a rights offering. Additionally, there are plans to secure loans of 3.9 billion baht. The vote result followed reports Thai AirAsia is planning mass layoffs and a fleet reduction due to COVID-19.
