AirAsia X losses mount; Norwegian seeks shelter

Budget airlines are proving no exception to this year’s global travel slump.

Long-haul carrier AirAsia X said Thursday (November 19) that its quarterly loss had widened.

That after revenue dropped by 94% over the July-September period.

The unit of AirAsia Group has proposed a major restructuring to avoid liquidation.

It’s working on implementation of the scheme, which it says is vital to its future as a going concern.

AirAsia X is also in talks over government-guaranteed loan worth as much as 120 million dollars.

Meanwhile Norwegian Air is seeking shelter.

The debt-laden carrier said late Wednesday (November 18) that it had filed for bankruptcy protection.

It made the move in Ireland, where its aircraft assets are held.

The company says it hopes to swiftly exit the process as an ‘investable’ business.

Earlier some of the airline’s staff had demonstrated in front of the Oslo parliament to demand more state aid.

That after Norway’s government last week rejected a plea for further support.

The airline has already drastically scaled back operations, flying just six of its 140 planes.

Executives declined to say how many aircraft they expect to operate at the end of the bankruptcy process.