Posted by HamsterHuat > 2021-11-16 10:26 | Report Abuse

Hail AAX to be able survive without Government bailout unlike MAS.

let AAX fly again so that MAS need to be competitive which is good for us, customer in future.

Posted by DickyMee > 2021-11-16 16:54 | Report Abuse

MAS use taxpayers' money?
AAX use customers' and suppliers' money?

-------------------------

HamsterHuat Hail AAX to be able survive without Government bailout unlike MAS.

let AAX fly again so that MAS need to be competitive which is good for us, customer in future.
16/11/2021 10:26 AM

Posted by HamsterHuat > 2021-11-17 10:58 | Report Abuse

@DickyMee

MAS use taxpayer money to bailout many time over.

AAX should be respected for affordable flight.
Those who fly frequently should have make so much "saving" as in compare to MAS.

Comeone....supplier here voted yes in the debt restructuring AND
Customer will get "credit refund" in the end.

Posted by DickyMee > 2021-11-17 14:12 | Report Abuse

Now those customers "Saving" or "Losing" money?

"Credit Refund" that need to wait years is not guaranteed btw.

--------------------------

HamsterHuat @DickyMee

MAS use taxpayer money to bailout many time over.

AAX should be respected for affordable flight.
Those who fly frequently should have make so much "saving" as in compare to MAS.

Comeone....supplier here voted yes in the debt restructuring AND
Customer will get "credit refund" in the end.
17/11/2021 10:58 AM

Posted by Star111 > 2021-11-18 19:11 | Report Abuse

@ppmaster, when consolidation of share going to take place ?

Posted by Ppmaster > 2021-11-19 09:25 | Report Abuse

This counter keep cheating people buy at high price 0.07 - 0.085, dun buy, wait it drop to 0.02 - 0.03, jus matter of time before share consolidate.

Posted by Ppmaster > 2021-11-19 09:26 | Report Abuse

I wont buy

Posted by Ppmaster > 2021-11-19 09:28 | Report Abuse

If the trader support than the price will be 0.03 - 0.04, after consolidate will be 0.40, but the price will drop to below 0.20 very soon. So dun touch.

Posted by Ppmaster > 2021-11-19 15:21 | Report Abuse

This aax lose money every year, delisted better.

Posted by EVO118 > 2021-11-22 08:16 | Report Abuse

Email from AAX to me (customer) dated 19/11/2021.

"Dear Sir/Madam,

As you may be aware, we had our Creditors Convened Meeting (“CCM”) on AirAsia X restructuring on Friday, 12 November 2021. We understand you were not able to attend to vote or abstain from voting hence we would like to give you an update of the outcome.

The scheme was voted through with success with 99% from all classes for the scheme.
Under the restructuring law, besides being a shareholder, a passenger is either a debtor or a creditor. Since we owe you money, by definition, you are a creditor of ours, and are entitled to the compensation under the scheme through a very small amount of payment (which is all that can be afforded at this stage).

Additionally, you are entitled to profit sharing of the airline’s profits in the years to come. More importantly, it is our intention that you will also get to utilise the money that we owe you in the form of travel credits to use for flight ticket purchases when we fly again, in full amount.

If the restructuring fails, the airline goes out of business. So 99 pct of our creditors, even though we owe them vast amounts of money, have concluded that the airline is more useful to them being in operation and rather than not. Likewise, if we get the chance to fly again, you will be entitled to travel credits and compensation mentioned above.

Which brings us to reiterate the most important point. We have clarified that when we fly again, it is our firm intention to put in place travelling privileges in the form of travel credits which can be used for future purchases of flight tickets once international borders reopen.

We dearly hope that you will remain a customer of ours and we look forward to hosting you on one of our flights as soon as we start flying again.

Regards,
AirAsia X

Posted by EVO118 > 2021-11-22 08:37 | Report Abuse

I always thought rule no 1.
"THE CUSTOMER IS ALWAYS RIGHT. '

i HOPE AAX will eventually windup. They deserve it for treating their customer like that. Free credit! Refund or not doesn't matter now because I have made a killing on this a year ago, am prepared to loose the 4 tickets (7 cancelled flights). Will never buy another AAX ticket again , after I have used my credits.

Posted by HamsterHuat > 2021-11-22 10:17 | Report Abuse

Hail Tony Tesla...
AAX will fly again...
hahaha

Posted by oskchoon > 2021-11-22 18:01 | Report Abuse

Share consolidation exercise of 10 shares becomes 1 share plus RI with free warrant is coming soon to rescue AAX from bankruptcy..

Posted by HamsterHuat > 2021-11-23 07:29 | Report Abuse

wait until Debt restructuring approved 1st lah...then only Share CONsolidation can only become reality.....if not habuk pun talak lah.

Meanwhile.......Hail Tony Tesla.

Posted by IronShirt > 2021-11-23 09:11 | Report Abuse

mother AA lose 1.1Bil this Qr so we should expect aax "profit" 2bil this Qr

Posted by Asia88 > 2021-11-24 14:05 | Report Abuse

the result already out iron shit.

Posted by IronShirt > 2021-11-24 16:54 | Report Abuse

better SELL public Bank ( buy Call). I think PB lends alot money to aax....You pay RM8 for aax
7sens share. I think PB has lost all his marbles ( cannot recovered ....just write Off )

Posted by Sslee > 2021-11-24 17:13 | Report Abuse

TP of RM0.13 based on 4x EV/EBITDA of FY23E.

So do PB mean after 10 to 1 consolidation TP 0.13.

Posted by HamsterHuat > 2021-11-25 13:15 | Report Abuse

CONsolidation only happen after received approval for debt restructuring lah.

Now tok1...tok2...tok3...tok Kok also useless.
Important get the minimal approval 1st for debt restructuring.....then only can DREAM of CONsolidation ....

AAX cannot plan ahead lah....
must follow SOP

Step 1
Approval for debt restructuring

Step 2
Raise funds thru CONsolidation, PP, Free Warrant...RI.....whateverlah.

Now....Step 1 also not yet settled....jump pulak to Step 2

Need AAX to press MAS in offering value for money for air flight lah.
if not, MAS will be LCLY suka hati jack up flight price and there is nothing PIPITssss can do about it.

Posted by Legend > 2021-11-25 18:39 | Report Abuse

AirAsia X explains no-refund policy, says if it can’t operate, ‘passengers get nothing’
KUALA LUMPUR, Nov 25 — Financially crippled budget airline AirAsia X Bhd (AAX) sought to explain why it cannot give refunds in cash to passengers who are also listed as “creditors” in its debt restructuring scheme.

AAX CEO Benyamin Ismail told news portal The Vibes in a report published today that the company cannot afford refunds as it does not have enough cash flow, but will be providing flight credits that can be redeemed when international flights resume.

Benyamin also explained AAX’s debt restructuring scheme that was reported on October 18 and approved on November 12, where it had among other things proposed paying off 0.5 per cent of over US$8 billion (RM33 billion) owed to creditors.

AAX’s proposed debt restructuring plan had required approval from its creditors, with the alternative being AAX’s liquidation and with zero recovery of funds expected for creditors.

Out of RM63.5 billion in debt, AAX reportedly owes RM600 million to passengers and travel agents.

Benyamin said that all creditors were seen as those to whom the company owed money when it made the restructuring plan.

“One of them (creditors) is the passengers. We cannot treat anybody differently. If we are to exclude the passengers, the creditors — who are other companies — will complain and ask why we treat passengers differently.

“In the scheme itself, everyone will be affected by the restructuring, but what we did in the court documents was say that the company is flexible in terms of giving back benefits to the passengers.

“But the scheme speaks for itself. We have to be fair to all creditors. Is it better for the passengers if we are alive or dead? If we’re dead, the passengers get nothing. But if we’re alive, they will get all the credits, so which one would passengers prefer?” he was quoted saying.

On the credits to be given to AAX passengers, Benyamin was quoted saying: “We may provide credit value for what they purchased, so if they bought something for RM1,000 (before), we will give it in credits with flexible terms.”

Benyamin was reported saying that the reopening of international borders and the resuming of international flights could be up to a year later, and that AAX will for now look into how customers can use the credits.

“We will do that over time once the flights have resumed. At the end of the day, the passengers are the bread and butter for this airline. If we were to shortchange them, it would have a big impact on the brand and the airline as well,” he was quoted saying.

On November 10, the Malaysian Association of Tour and Travel Agents (Matta) asked for a fairer compensation scheme compared with the suggested 0.5 per cent debt payment under the proposed restructuring scheme that would see travel agents, charter agents and passengers receiving RM3.0 million out of the RM599.8 million owed, asking AAX to either give a full debt settlement rate or to convert all outstanding liabilities into future credit points.

Following Matta’s call, the Malaysian Aviation Commission (Mavcom) on November 11 said it had in a letter on that day to AAX urged the company to reassess the proposal to treat passengers as creditors and to pay only 0.5 per cent of the tickets’ value under the debt restructuring plan announced on October 18, reiterating that passengers should be reimbursed for the tickets bought and also noting that AAX had repeatedly assured it is committed to reimburse passengers would could not fly due to cancelled flights.

Benyamin said that AAX will deal directly with Mavcom.

On November 12 which was also when AAX creditors approved the debt restructuring plan, AAX director Tan Sri Tony Fernandes told passengers affected by the debt restructuring that the company intends to provide travel credits that can be used to buy flight tickets in the future once international borders reopen.

On November 15, AAX was reported saying that affected passengers would be receiving the travel credits, as well as 0.5 per cent payment of what is owed to them and other cash-based entitlements based on its annual revenue performance over three years.

On November 23, AAX was reported to have recorded an RM149.14 million net loss and revenue of RM99.27 million for the first quarter of 2021 ending September 30, 2021.

Related Articles AirAsia X says it will give travel credits to passengers affected by its debt restructuring Public Investment Bank upgrades AirAsia X to ‘neutral’ Mavcom says air travel consumers not creditors, wants AirAsia X to reimburse customers for tickets purchased.

Posted by EVO118 > 2021-11-26 06:23 | Report Abuse

Mavcom should put a stop to this. They can stop AAX from flying in Malaysia completely if customer's purchases are not refund. Even if credits are given they should at least be double to cover their generousity to AAX. Should not treat your customer with contempt for their willingness to wait for refund. There should be no free credit courtesy of your customer. Mavcom have every right to put a stop to this abuse.

Posted by EVO118 > 2021-11-26 07:30 | Report Abuse

As a customer I would rather AAX be dead and I don't get anything. I am not your investor but your customer!

Posted by drobertp40 > 2021-11-26 07:43 | Report Abuse

Evo118, Aax has been in deep coma for awhile, some people whom I admire are trying to revive it. All you need is some people to ask for their pound of flesh now to put the last nail to the coffin. To me, that's what you are asking or rather the competitors of Aax are asking.

Posted by EVO118 > 2021-11-26 07:59 | Report Abuse

With AAX gone there will always be another airline willing to come forward and fill the business void created by AAX. That is the real life business world. I am not there to fund your operations. I hope the day will come for someone to write a book of the "Rise and fall of Tony Fernandes".

Posted by EVO118 > 2021-11-26 08:12 | Report Abuse

If you want us to help you, you could at least offer to double our credits as compensation for our generosity. After all it is not a refund (at this stage, no cash needed) but can only be used if AAX is flying again which means by then they can afford it. YES. I AM A VERY UNHAPPY CUSTOMER.

Posted by i3lurker > 2021-11-26 08:20 | Report Abuse

Yes that is the correct solution.

AAX should be allowed to die with dignity.

Dun become a doctor that chops off 2 hands, 4 legs, a nose, 2 eyes, 2 ears, penis and 2 balls, whole tongue, 10 ribs, 75% of stomach, 90% of intestines, half of pancreas, 90% of liver, complete spleen removal, gall bladder and also lobotomize the brain.

AAX is very grisly now, nothing is left.
AAX is just like chopped off 2 hands, 4 legs, a nose, 2 eyes, 2 ears, penis and 2 balls, whole tongue, 10 ribs, 75% of stomach, 90% of intestines, half of pancreas, 90% of liver, complete spleen removal, gall bladder and also lobotomize the brain.

Travelers are advised to buy tickets of any other airlines....
=> that does not have chopped off 2 hands, 4 legs, a nose, 2 eyes, 2 ears, penis and 2 balls, whole tongue, 10 ribs, 75% of stomach, 90% of intestines, half of pancreas, 90% of liver, complete spleen removal, gall bladder and also lobotomize the brain.



Posted by EVO118 > Nov 26, 2021 7:59 AM | Report Abuse

With AAX gone there will always be another airline willing to come forward and fill the business void created by AAX. That is the real life business world. I am not there to fund your operations. I hope the day will come for someone to write a book of the "Rise and fall of Tony Fernandes".

Posted by Ppmaster > 2021-11-26 09:09 | Report Abuse

This counter fair price is 0.02-0.03.

Posted by EVO118 > 2021-11-26 10:06 | Report Abuse

Tony has got lots of money. He sold his Lonon estate about a year ago in preparation for a possible bankrupcy proceeding, got a hugh dividend payout from AA all about a year ago and start moving money into AA's new project e-commerce now worth $Billions and still crying no money. Worst of all here is a Malaysian taking advantage of fellow Malaysians in time of crisis (over 90% of their customers are Malaysians) by taking advantage of their purchases and using it as interest free funds and now refuse to pay in full. Can't say they didn't know because their special offer of flights was advertised at the beginning of Covid-19 by another most dishonouable Tan Sri Rafidah Aziz (somebody who I previously held a high esteem of).

Posted by BuySoLow SellEvenLower > 2021-11-26 10:28 | Report Abuse

Worst case scenario - AAX will strip all aircraft seat and give each passenger a seat to take home. Priority seat / captain seat will be for passengers who AAX owe more $$, toilet seat will be for those passengers that AAX owe less $$.

Posted by HamsterHuat > 2021-11-26 10:35 | Report Abuse

Fair price 0.02 or 0.03?
kidding, right?

if Debt restructuring failed....it is ZERO lo.

i would rather have AAX still flying so that we all can still have competitive fares...

Posted by Donator > 2021-11-26 12:05 | Report Abuse

How come creditor can accept 0.5% ? Anyone can explain?

Posted by ken2004 > 2021-11-26 20:20 | Report Abuse

‘if we’re dead, passengers get nothing’, can i tell this to my bank also to give me interest free moratorium? AAX can, why can't we lol

Posted by weisheng1998 > 2021-11-26 20:59 | Report Abuse

alert: new variant from africa~

Posted by Legend > 2021-11-27 00:26 | Report Abuse

TP 0.03

Posted by i3lurker > 2021-11-27 00:35 | Report Abuse

AAX is very grisly now, nothing is left.
AAX is just like chopped off 2 hands, 4 legs, a nose, 2 eyes, 2 ears, penis and 2 balls, whole tongue, 10 ribs, 75% of stomach, 90% of intestines, half of pancreas, 90% of liver, complete spleen removal, gall bladder and also lobotomize the brain.

you wanna buy this type of company?

even if AAX plane tickets given to me free, I dare not fly.

I rather pay Emirates or SIA RM10,000 per ticket also never mind

Posted by Sneakpeek > 2021-11-27 11:23 | Report Abuse

African variant now..no hope la

Posted by Legend > 2021-11-27 11:28 | Report Abuse

They never want this to end...

Posted by EVO118 > 2021-11-27 15:27 | Report Abuse

Why AirAsia and AAX customers are not creditors – P. Gunasegaram
https://www.thevibes.com/articles/opinion/48154/why-airasia-and-airasia-x-customers-are-not-creditors-p-gunasegaram

Posted by EVO118 > 2021-11-27 22:53 | Report Abuse

Like they say "If we are going to get $5 for every $1000", they might as well be dead. I am prepare to by-pass my nasi lemak, kaya toast and teh tarik, just for the pleasure of seeing this mob dead! Yeh, I am a very bitter, unhappy ex-customer who will never be back. BETTER BELIEVE IT, THERE ARE MORE LIKE ME OUT THERE. It's just that most of us Malaysian are not prepared to stand up and be counted, which is why it took us so long to knock off Barisan.

Posted by EVO118 > 2021-11-27 23:21 | Report Abuse

Also , I think there is a case for CBT to be file against all the Directors. First of all, the customer's money does not belong to you, you never delivered anything in return for their payment. This mean the money should have been held in trust and not be used to pay off your creditors. Secondly, if like Benyamin Ismail say "the company cannot afford refunds as it does not have enough cash flow", then why are they still allowed to operate. If a Director allows an insolvent company to continue then they are personally liable. Maybe there is some smart legal firm out there who might see the opportunity to organise a class action against all the Directors on behalf of all customers who have prepaid. According to Gunasegaram there is $500million of advance payments. I think there should be enough cut out of this to pay the lawyers. All the lawyers need is for all advanced payment customers to come to them to take this action. Better than $5 out of $1000.

Posted by i3lurker > 2021-11-27 23:33 | Report Abuse

yes
you are right

Under certain circumstances, directors may be liable for debts incurred by the company when the company is unable to pay those debts, as and when they fall due (the company is insolvent). This is because one of the fundamental duties of a director of any company is to ensure that the company does not trade while it is insolvent


Posted by EVO118 > Nov 27, 2021 11:21 PM | Report Abuse

Also , I think there is a case for CBT to be file against all the Directors. First of all, the customer's money does not belong to you, you never delivered anything in return for their payment. This mean the money should have been held in trust and not be used to pay off your creditors. Secondly, if like Benyamin Ismail say "the company cannot afford refunds as it does not have enough cash flow", then why are they still allowed to operate. If a Director allows an insolvent company to continue then they are personally liable. Maybe there is some smart legal firm out there who might see the opportunity to organise a class action against all the Directors on behalf of all customers who have prepaid. According to Gunasegaram there is $500million of advance payments. I think there should be enough cut out of this to pay the lawyers. All the lawyers need is for all advanced payment customers to come to them to take this action. Better than $5 out of $1000.

Posted by EVO118 > 2021-11-27 23:37 | Report Abuse

i3lurker
Thank you for your comments.

Posted by Ammar Roshidy > 2021-11-29 14:04 | Report Abuse

It's a bit funny, how some people attract the airline industry for not fulfilling their obligations when the fact remains that even if the plane took off it is not allowed to land at its destination. AirAsia should have just flown their passengers around and brought them back to KLIA. After this senseless trip, these clients of Airasia would be able to sleep well.

Posted by ken2004 > 2021-11-29 16:42 | Report Abuse

To me, airlines cannot keep the money when the service cannot be provide, blackmailing the customer is even worst, in some way, there is better way such as free 10kg baggage weight, free meal as compensation.

Posted by weisheng1998 > 2021-11-30 08:19 | Report Abuse

bankrupt habis

Posted by EVO118 > 2021-12-02 07:46 | Report Abuse

MAVCOM. Just cancel their licence to fly in Malaysia. SMART ASS DIRECTORS!

Posted by mf > 2021-12-02 07:57 | Report Abuse

The United States has confirmed its first case of the new, heavily mutated coronavirus variant called omicron, in Northern California.
The variant, initially known as B.1.1.529, was first detected in South Africa, the World Health Organization said.
Scientists will need a few weeks to determine how vaccines and treatments perform against the new variant.

Posted by Star111 > 2021-12-05 16:07 | Report Abuse

Only Malaysia can do such nego, lol.must be the CEOs of creditors were invited to eat durian. Come come stakeholders put in more money again to feed the CEOs. MAS before, AAX now

Posted by EVO118 > 2021-12-07 14:39 | Report Abuse

How did the meeting go? ARE WE THERE YET?

Posted by Mr.Sm Invest123 > 2021-12-09 22:04 |

Post removed.Why?