Lessor seeks US$22.9m from AirAsia X
KUALA LUMPUR: Hong Kong-listed global aircraft operating leasing company BOC Aviation Ltd has filed a claim on AirAsia X Bhd and its wholly-owned subsidiary, AAX Leasing Two Ltd (ALT), for US$22.9 million.
In Bursa Malaysia filing yesterday, AirAsia X said it and ALT received a letter on Aug 25 issued by Morgan, Lewis & Bockius UK LLP on behalf of BOC Aviation, enclosing, among others, a particulars of claim filed in the High Court of Justice in the Business and Property Courts of England and Wales on Aug 19.
In the BOC Aviation claim, ALT had allegedly breached its obligations under the lease agreements while AirAsia X had allegedly breached its obligations under four guarantees to lease agreements. To note, ALT has leased four aircraft from BOC Aviation under four individual aircraft lease agreements.
BOC Aviation is claiming US$22,975,392.17 from AirAsia X and ALT, representing the outstanding amounts due as debt under the lease agreements and guarantees.
According to a news report, AirAsia X had leased 17 A330-300 aircraft from nine lessors, with BAL and ICBC Leasing having three aircraft each at AirAsia X.
AirAsia X’s ongoing financial problems due to the Covid-19 pandemic and subsequent downtown in travel demand has dragged the carrier’s financial burden further, causing it to put off lease payments.
For the second quarter ended June 30, AirAsia X’s net loss stood at RM305.2 million while its revenue was at RM91.4 million against RM1.01 billion posted in the same period last year.
AirAsia X said the financial impact to the company would be a cash outflow equal to the said amount of the claim with no operational impact to the company.
The filing said AirAsia X’s board was reviewing the documentation it received in respect of the said claim and would seek legal advice on the matter.