The airline recorded RM174.3 million in losses for the October-December period, compared with RM95.8 million in the same quarter a year ago.

Revenue plunged 95% to RM54.7 million.

AirAsia X, an affiliate of AirAsia Group, is seeking a restructuring of its debt. A Malaysian court this week granted it leave to convene meetings with creditors to vote on a plan to reconstitute RM64.15 billion of debt.

“This decision by the court to allow the company to seek concessions from its creditors represents an important step forward in the restructuring process,” AirAsia X said.

The airline has plans to raise up to RM500 million via new equity funding from existing and new investors to provide sufficient capital to restart operations when international borders reopen.

The proposed fundraising exercise, however, is dependent on the restructuring plan succeeding.