KUALA LUMPUR -- AirAsia parent Capital A faces fresh turbulence after the denial of a much-anticipated 500 million ringgit ($119.20 million) government-backed loan the company was counting on to fund operating expenditures amid the rapid reopening of international borders for travel and tourism in Southeast Asia.
The rejection of the funds comes just as the launch in January of the freshly named holding company and moves to reopen international borders shut by the coronavirus pandemic had provided a dose of optimism for the budget carrier that has been hit hard by sagging flight demand the past two years.
