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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

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Budget airline AirAsia X out of money, needs $120 million for restart - report

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10/17/2020 | 02:12am EDT
Tail of AirAsia X plane as seen at the Garuda Maintenance Facility AeroAsia in Tangerang

(Reuters) - Long-haul, low-cost carrier AirAsia X has run out of money and needs to raise up to 500 million ringgit ($120.60 million) to restart the airline, deputy chairman Lim Kian Onn said in a newspaper interview published on Saturday.

The Malaysian airline, the long-haul arm of AirAsia Group, said this month it wanted to restructure 63.5 billion ringgit ($15.32 billion) of debt and slash its share capital by 90% to continue as a going concern.

"We have run out of money," Lim told The Star newspaper. "Obviously, banks will not finance the company without shareholders, both old and new, putting in fresh equity. So, a prerequisite is fresh equity."

He said the airline had actual liabilities of 2 billion ringgit, with the larger figure of 63.5 billion ringgit including all lease payments for the next eight to 10 years and its large order for Airbus SE planes and contracted engine maintenance with Rolls-Royce Holdings PLC.

"If we find RM300 million in new equity, then the shareholder funds are RM300 million at the restart of business and if we are able to borrow RM200 million, we feel that we will have a good platform to start all over again," he told The Star.

Lim said AirAsia X also needed to convince its lessors of its business plan, adding an unnamed lessor recently took back one of the airline's planes to convert it to a freighter.

The airline plans to liquidate its small Indonesia-based carrier and has completely written down its stake in Thai AirAsia X in its books, with the Thai carrier not part of the restructuring scheme, Lim told the newspaper.

Rival Malaysia Airlines is also in financial trouble, but Lim said there would be "no good outcome" from seeking to merge two airlines in dire straits.

AirAsia X declined to comment beyond the details published in the newspaper article.

(Reporting by Jamie Freed; Editing by Raju Gopalakrishnan)


Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP -1.71% 0.575 End-of-day quote.-66.18%
AIRASIA X 14.29% 0.04 End-of-day quote.-74.19%
AIRBUS SE 1.13% 66.94 Real-time Quote.-49.59%
ROLLS-ROYCE HOLDINGS PLC 3.18% 227 Delayed Quote.-67.80%
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Financials
Sales 2020 47 132 M 55 663 M 55 663 M
Net income 2020 -475 M -561 M -561 M
Net Debt 2020 900 M 1 062 M 1 062 M
P/E ratio 2020 -111x
Yield 2020 0,01%
Capitalization 51 830 M 61 056 M 61 212 M
EV / Sales 2020 1,12x
EV / Sales 2021 0,96x
Nbr of Employees 135 154
Free-Float 74,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 81,32 €
Last Close Price 66,18 €
Spread / Highest target 85,9%
Spread / Average Target 22,9%
Spread / Lowest Target -45,4%
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NameTitle
Guillaume Faury Chief Executive Officer
René Richard Obermann Chairman
Michael Schöllhorn Chief Operating Officer
Dominik Asam Chief Financial Officer
Luc Hennekens Chief Information Officer
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