July 9, 2020 / 2:54 AM / a month ago

Malaysia's AirAsia in talks to secure funding of over $230 million

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

KUALA LUMPUR (Reuters) - Malaysian budget carrier AirAsia Group Bhd (AIRA.KL) on Thursday said it was in talks to secure financing of over 1 billion ringgit ($234.52 million or £186.02 million), a day after its auditor cast doubt on its ability to continue as a going concern due to the coronavirus-led travel slump.

“We have been presented with proposals in various forms of capital raising, be it debt or equity, and are in ongoing discussions with numerous parties, including investment banks, lenders, as well as interested investors in seeking a favourable outcome for the group,” the airline said in a statement.

Some financial institutions have indicated that they would support its funding request of more than 1 billion ringgit, it said.

AirAsia has received deferrals from lessors and is working on further extensions, the statement added.

Reporting by A. Ananthalakshmi; Editing by Shri Navaratnam

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