Airbus (AIB, Toulouse Blagnac) has agreed to reschedule delivery or lower prices for hundreds of planes ordered by AirAsia Group, a move aimed at saving a contract still worth tens of billions of dollars, said to the Reuters news agency anonymous “industry sources”. September 17.
The restructuring reset restores the relationship between the two companies, the sources said – a close partnership that has been severed by the collapse in demand for air travel caused by the coronavirus crisis.
The deal – key to the controversial restructuring of AirAsia X Group’s low-cost long-haul unit and AirAsia itself – would provide more certainty over the fate of the 400 or so A320 Family aircraft that are yet to be delivered to the group.
The deal involves new delivery schedules, price cuts and other improvements for the company, but no cancellations, the sources said.
According to the advanced ch-aviation fleets module, AirAsia currently operates two A321-200NX with an additional 349 of the type on order. It also operates twenty-nine A320-200Ns, with thirteen more of this type on order, and sixty-five A320-200s. AirAsia X, meanwhile, has ordered thirty A321-200NX (XLR) – as well as seventy-eight widebody A330-900N.
AirAsia Group and Airbus had not responded to ch-aviation’s request for comment at the time of going to press.
Meanwhile, in related news, financial services provider CGS-CIMB has highlighted the need for AirAsia Group to consolidate its shareholders’ funds if it is to avoid being delisted from Bursa Malaysia. The group is likely to fall into the Practice Note 17 (PN17) category of the exchange, which concerns financially troubled companies, by January 2022, the Singapore-based financial services company said.
Companies that fall within the definition of PN17 must submit to the authority a proposal for restructuring and relaunching the company in order to maintain listing status.
“Companies like AirAsia, where its auditor expressed ‘significant uncertainty’ regarding going concern in its audit opinion for fiscal year 20, will need to demonstrate that shareholders’ funds are at least half positive. of its paid-up share capital in order to avoid being classified as PN17, ”said CGS-CIMB, adding that this means that AirAsia Group has about five months to fill the shortfall of its shareholders by a little over 6.65 billion MYR ringgits (US $ 1.59 billion).