UK lawsuit puts AirAsia X’s recovery from Covid-19 at risk

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AirAsia X and its indirect wholly-owned subsidiary, AAX Leasing Two Ltd, allegedly breached their contract with BOC Aviation Ltd in December 2018. (Bernama pic)KUALA LUMPUR: The US$22.98 million (RM95 million) lawsuit filed in the UK for alleged breach of contract against AirAsia X Berhad (AAX) will further heighten the risk on the long-haul carrier’s ability to safely ride out the Covid-19 pandemic, says a research house. In a research note, MIDF Amanah Investment Bank Bhd said the financial impact on AAX was limited to the amount of the litigation with no operational impact. “This case will result in additional pressure on AAX’s earnings given that the company is still reeling from the losses caused by the pandemic,” the research firm said. “The group’s cash balances and equivalent stood at RM252.03 million as of the second quarter of 2020 versus a lawsuit size of RM95 million.…