AirAsia's two Thai subsidiaries, Thai AirAsia and Thai AirAsia X, are not currently included in the airline group's restructuring plan to merge multiple airlines under the AirAsia brand, including AirAsia X, into a single unified airline.
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AirAsia CEO Tony Fernandes announced this plan during a media conference held at the group's headquarters in Kuala Lumpur on January 8, 2023. However, after Fernandes met with Thailand's prime minister in Bangkok, it was reported that AirAsia's two Thailand-based subsidiaries will remain outside of the reorganization for the next two to three years.
This is due to the need for AirAsia X to complete its own business restructuring, which is expected to take place no earlier than late 2025. The AirAsia group, including its Thai subsidiaries, faced significant financial difficulties as a result of the COVID-19 pandemic and subsequently entered receivership. In September 2023, the Thai Central Bankruptcy Court approved the airlines' financial rehabilitation plan, which sets out a path for a structured recovery. The plan includes the addition of 11 aircraft within the next two years and a reduction in operating costs through the renegotiation of leasing and maintenance agreements, as well as a debt repayment plan.
AirAsia CEO Fernandes is optimistic about the group's future growth prospects and expects the combined fleet to triple by 2028. AirAsia's Thai subsidiaries are expected to play a vital role in the growth plan and will receive approximately 25% of the new aircraft delivered by Airbus. Bangkok has been identified as one of the four hubs for the group's future international expansion.