Filing Of Bankruptcy Proceeding For AirAsia Japan Co., Ltd. ("AAJ"), An Associate Company Of The Company
AIRASIA GROUP BERHAD (THE "COMPANY") - FILING OF BANKRUPTCY PROCEEDING FOR AIRASIA JAPAN CO., LTD. ("AAJ"), AN ASSOCIATE COMPANY OF THE COMPANY
Reference is made to AAGB’s announcement (reference number GA1-05102020-00035) on 5 October 2020, regarding the cessation of operations of AAJ.
On behalf of the Board of Directors of the Company, we wish to announce that AAJ, a 33% owned associate company of the Company in Japan via the Company’s shareholding in AirAsia Investment Limited has filed for bankruptcy proceedings on 17 November 2020 due to insolvency resulting from a demand slump in travel induced by lockdown restrictions related to the coronavirus pandemic. Total cost of investment in AAJ has been fully written down.
Further announcement(s) will be made in due course on the particulars of claim and financial impact to the Company, if any, under the bankruptcy proceedings.
This announcement is dated 17 November 2020.
|Company Name||AIRASIA GROUP BERHAD|
|Date Announced||17 Nov 2020|
|Category||General Announcement for PLC|