Thai AirAsia X has filed for bankruptcy with the Central Bankruptcy Court in Bangkok, the airline announced on Thursday (May 19).
The airline said its case was accepted on Wednesday after it made its submission to the court on Tuesday.
“The objective is to revamp the company’s administration process and restructure its debts, delivering greater efficiency and a solid platform for robust future growth after weathering the COVID-19 pandemic”, read a statement from the company.
“The process will have no impact on passengers as operations will continue as usual and Thai AirAsia X prepares to reintroduce flights to South Korea and Japan from June 2022 onwards”.
Thai AirAsia X is a joint venture between Thai AirAsia and Malaysia’s AirAsia X.
Mr. Patima Jeerapaet, Chief Executive of Thai AirAsia X the airline’s decision to enter into rehabilitation at this time was made to enhance the administration process in the best interests of its business progress, especially in terms of managing the company’s debt, which has been impacted over the past two years of pandemic.
“Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening. We assure that this process will have no impact on our services of passengers or flight plans during this process. Passengers who have already booked or are looking to book our flights will be able to fly to South Korea and Japan starting this June 2022. Thai AirAsia X also has further plans for expansion and will be adding flight frequencies and new routes in line with demand,” Mr. Patima said.