AirAsia X ordered to pay RM35 mil to International Lease Finance Corp



The High Court of Justice, Queens Bench Division, Commercial Court (High Court) has ordered AirAsia X Bhd and its subsidiaries, AAX Mauritius One Ltd (AAX Mauritius) and AAX Leasing Four Ltd (AAX Leasing Four) to pay the sum of £6,581,868.05 (RM35.82 million) to the International Lease Finance Corporation.

In an exchange filing, the company said the amount is inclusive of costs and interests to the date of the judgement.

“Notwithstanding, the company has not been served with the documents in relation to the claim filed by the Claimant with the High Court prior to the judgement.

“The Claimant is the trustee of two aircraft leased by AAX Leasing Four,” said AirAsia X in the statement today.

The financial impact to the AirAsia X will be a cash outflow equal to the amount of the judgement. 

There is no operational impact to the group. 

The board of AirAsia X is currently reviewing the documentations received in respect of the judgement, and will be seeking legal advice in relation to the judgement in view of the proposed debt restructuring exercise of the company. 

AirAsia X said it will make the necessary announcements on further developments of the above matter as and when necessary.

The full impact of the Covid-19 pandemic and suspension of scheduled flights in April 2020 pulled AirAsia X Bhd (AAX) into another massive loss for its third quarter (3Q) ended Sept 30, 2020.

The carrier posted a net loss of RM308.4 million for the quarter, which took its total loss for the nine months to RM1.16 billion or 28 sen a share loss.

Revenue for the quarter shrank to RM59.9 million from RM1.01 billion it made for the same quarter last year, due to the cross border movement restrictions.

Read our previous report here 

AirAsia X continues to post losses