The airline raised 336.46 million ringgit ($81.70 million) over two tranches by issuing 470.21 million new shares, representing 14.07% of the group's total issued shares.
"The proposed private placement will not fully address the Group's current financial concerns as the estimated gross proceeds of up to approximately 454.51 million ringgit would not be sufficient to meet its long-term cash flow requirements," it said.
The airline is seeking to restructure 64.15 billion ringgit of debt. Its accrued debt amounts to 2.24 billion ringgit, without taking into consideration contingent debts such as its large aircraft order book with Airbus.
We have started our investigation to look into whether there had been any violation.
The application was not made overnight but instead SDB had carried out the best and most thorough investigation and consideration before the approval was given,
The budget airline said BOC Aviation has alleged a breach of AirAsia X's lease agreement and its obligations under four guarantees dated December 2018.
The AirAsia X board is reviewing the documents and will seek legal advice, the airline said.
Auditors for Malaysia’s AirAsia Group Bhd and Vietnam’s VietJet Aviation JSC VJC.HM are concerned about cashflows and funding, while Indonesia’s Lion Air has put the brakes on a planned flotation.
Auditor Ernst & Young said that global travel restrictions had dented AirAsia's financial performance, with liabilities exceeding assets by 1.84 billion ringgit.