AirAsia X Bhd. shares are lower Thursday, after the Malaysian medium-haul airline applied to Bursa Securities for more time to submit a restructuring plan.
Shares fell as much as 8.1% to 1.24 ringgit ($0.28), though its share price is still more than double its level at the end of 2022. Shares of Capital A Bhd., the holding company of AirAsia Aviation Group, are 3.1% lower.
The financially distressed company said in a bourse filing late Wednesday that it is applying for a further extension of three months, until July 28, for it to submit its restructuring plan to Bursa Securities, without explaining why it expects to miss the current April 29 deadline.
The initial deadline for AirAsia X to submit its restructuring plan was October last year, the company granted a six months extension.
As part of its own restructuring plan, Capital A has said it is planning to dispose of its aviation businesses, including AirAsia, into AirAsia X.