AirAsia Says Liquidity Strong to Withstand Fuel Costs
AirAsia co-founder Tony Fernandes assured investors that the airline possesses strong liquidity to weather rising jet fuel costs. He stated that the carrier plans to raise over one billion dollars to refinance existing debt.
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AirAsia co-founder Tony Fernandes said on Friday that the carrier has strong liquidity to withstand soaring jet fuel costs, targeting over $1 billion in debt refinancing. The statement follows a 24% drop in the airline's shares over two days to a four-year low amid fuel price pressures. AirAsia controls about 60% of Malaysia's domestic market and faces $4.52 billion in current liabilities against 954 million ringgit in cash.
