AirAsia Seeks Up to $600 Million Cash Injection to Endure Crisis

AirAsia Group Bhd. is seeking to raise as much as 2.5 billion ringgit ($600 million) by the end of the year as it tries to survive a business slump exacerbated by the coronavirus pandemic, Bloomberg News reported. The Subang, Malaysia-based budget carrier may borrow up to 1.5 billion ringgit from banks and another 1 billion ringgit from investors, a spokeswoman said Tuesday. AirAsia is also in talks with local and foreign investors including private equity firms, strategic partners and conglomerates, she said, confirming an earlier report by Reuters that cited Group Chief Executive Officer Tony Fernandes. Airlines around the world are losing money after grounding thousands of planes as countries shut borders and restrict people’s movements. AirAsia, which last month posted its largest quarterly loss on record, resumed domestic operations in late April but its long-haul unit, AirAsia X Bhd., still isn’t flying. Read more

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