Thai AirAsia X (TAAX) has filed for bankruptcy protection and the case has been accepted by a Thai bankruptcy court.
TAAX is now the third airline in Thailand to file for bankruptcy, following Thai Airways and Nok Air, during the Covid-19 pandemic.
"It was hard to raise funds as the airline shouldered a large amount of debt. A rehabilitation plan approved by the court in the next stage will be a viable solution to maintain business in the long run," said Tassapon Bijleveld, director of TAAX.
TAAX has a reduced fleet of just eight aircraft but will be required to cut cost further as part of its restructuring plan.