Thai AirAsia parent seeks to raise $540m in fresh capital

Asia Aviation, the operator of Thailand’s biggest budget carrier Thai AirAsia, plans to raise as much as 17.9b baht ($535m) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history. A revised financial restructuring plan for the company has been put forward and Asia Aviation is consulting with new investors, shareholders and creditors, Asia Aviation said in an exchange filing late Tuesday. The holding company joins a plethora of airlines globally trying to repair their balance sheets after Covid-19 all but put a stop to international air travel in early 2020. While climbing vaccination rates are seeing travel spring back in some parts of the world, in Asia it’s nowhere near pre-pandemic levels. Asia Aviation CEO Santisuk Klongchaiya said the fresh funds should allow the airline to increase flights amid an expected recovery in tourism and travel. Thailand’s capital Bangkok has administered at least two doses of Covid vaccine to 71% of its adult population, paving the way for the city to welcome back inoculated visitors without mandatory quarantine from Nov. 1., officials said Wednesday.<br/>