* Books 5.67 bln rgt net loss in January-March
* Loss primarily from leased aircraft impairment
* In talks with creditors, targets outcome in weeks
* Committed to restarting commercial operations (Adds detail, recasts flow)
KUALA LUMPUR, May 20 (Reuters) - Malaysian long-haul budget airline AirAsia X Bhd reported a record quarterly loss as it wrote down the value of its assets amid a restructuring.
The airline, which has been looking to reconstitute 64.15 billion ringgit ($15.48 billion) in debt, said it and New York-based restructuring advisers Seabury Capital have been in active discussions with lessors and other creditors and are aiming for a conclusion in the next few weeks.
The airline, an affiliate of AirAsia Group Bhd, on Thursday reported a net loss of 5.67 billion ringgit ($1.37 billion) in January-March, more than 10 times the loss of 549.7 million ringgit seen in the same period last year. It was the eighth successive quarterly loss.
Revenue for the quarter fell 95.8% to 38.5 million ringgit.
AirAsia said it had assessed the value of its leased aircraft in light of the COVID-19 pandemic and clarified that due to the lack of cash flow to support them, had impaired those assets by 5.28 billion ringgit.
“Appropriate accounting entries will be made on a successful restructuring that will reflect more appropriately the assets and liabilities based on the final agreed restructuring terms,” the company said in its statement.
The airline has changed its financial year end from Dec. 31 to June 30, expecting the outcome of the restructuring to be known by then.
It said it remains committed to resuming commercial operations as soon as possible on the successful completion of the restructuring plan and the opening of international borders.
AirAsia X plans to operate a leaner fleet which requires it to return excess aircraft to lessors. It has returned one plane and is in discussions with other lessors about fleet size and reducing lease rates.
It plans to apply for a government guaranteed loan of up to 500 million ringgit and said it is in discussions with a financial institution to secure the loan. ($1 = 4.1445 ringgit) (Reporting by Liz Lee; Editing by Kim Coghill and Elaine Hardcastle)