KUALA LUMPUR (Nov 23): AirAsia X Bhd (AAX) posted a bigger net loss of RM149.14 million for its first quarter ended Sept 30, 2021 (1QFY22), compared with RM24.63 billion in the immediate preceding quarter.

The net loss in the preceding quarter was contributed by a provision for the amount payable to creditors, with the low-cost carrier in default under the terms of the contract.

Revenue for the quarter under review stood at RM99.27 million, versus RM72.26 million in the preceding quarter, AAX's bourse filing showed.

There is no comparative financial information available for the same quarter last year, as the group changed its financial year end from Dec 31, 2020 to June 30, 2021.

AAX said it convened a meeting of its creditors to consider the proposed debt restructuring, which was approved by 100% of the Class A creditors, 97.56% of the Class B creditors and 100% of the Class C creditors.

It said the proposed debt restructuring has accordingly been approved by the scheme creditors and now remains subject to sanction by the High Court.

"Subject to the sanction of the proposed debt restructuring by the High Court of Malaya, the proposed capital reduction and fundraising exercise, approved by the company's shareholders at the EGM (extraordinary general meeting) held on June 1, 2021, will commence.

"The fundraising exercise intends to raise sufficient capital to restart operations when international borders reopen, and provide sufficient liquidity to allow the company to meet its financial obligations," said AAX.

AAX's share price fell one sen or 12.5% to seven sen, giving the group market capitalisation of RM290.37 million.