Malaysia's AirAsia X Bhd, the long-haul arm of AirAsia Group Bhd, said it wants to restructure US$15.3 billion of debt and slash its share capital by 90 percent to continue as a going concern.

Hard hit by the Covid-19 pandemic as closed borders have left most of its planes grounded, the budget airline said it has severe liquidity constraints and, with no return to normalcy in sight, "imminent default of contractual commitments will precipitate a potential liquidation."