PETALING JAYA: AirAsia Japan Co Ltd has commenced its court-ordered bankruptcy proceedings, following its cessation of operations and filing of bankruptcy proceedings.
As a result of the bankruptcy proceedings, the company has recognised a loss of US$74.11 million (equivalent to RM299.34 million) in the second half of 2020 due to financial assistance in the form of intercompany transactions and loans being written off as these amounts were deemed to be irrecoverable.
“ The company also incurred US$5.18 million (equivalent to RM20.93 million) in the fourth quarter of 2020 and first quarter of 2021 for expenses related to the aircraft de-registration to move 3 aircraft from Japan to Malaysia,” it added in its exchange filing.
