Wednesday , December 2 2020

Covid-19: AirAsia Japan arm files for bankruptcy

Bloomberg

AirAsia Japan Co has filed for bankruptcy with the Tokyo District Court after flagging last month it would cease operations in the country, as the coronavirus pandemic that’s wiped out travel globally took its toll.
The arm of Malaysia’s AirAsia Group Bhd then received
a provisional administration order from the court on Tuesday, it said in a statement.
“Given AirAsia Japan’s current financial position, we regret to inform that AirAsia Japan is currently unable to settle the outstanding refunds,” the statement said. We sincerely apologize for any inconvenience caused to customers who have used or booked AirAsia Japan flights.”
AirAsia, which reported its largest loss on record in the second quarter ended June 30, has been under immense pressure this year as Covid-19 roils the aviation industry.
Airlines globally have been plunged into crisis, with many cutting thousands of jobs
and trying to secure funds for survival. Some, pushed to
the brink, have gone out of business.

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