Air Asia Group is considering a number of proposals from banks and potential investors including selling a stake in the Malaysia-based carrier, or forming a JV, to shore up the airline’s finances as its battles the impact of an almost total grounding of its fleets since the end of March due to COVID 19.

Air Asia suspending the vast majority of its aircraft on March 27 due to the COVID 19 pandemic as a number of governments in its key markets, such as Thailand and Vietnam, imposing travel bans. In a statement on the company’s website today, Air Asia said that it was currently mulling a number of a proposals to inject liquidity into the company.

“The Board of Directors of AAGB wishes to advise that the Company has been presented with proposals for it to raise capital to strengthen its equity base and/or liquidity from a number of investment bankers, lenders as well as potential investors to help the Company weather the storm caused by the Covid-19 pandemic.

In addition, the Company has ongoing deliberations with a number of parties for joint-ventures and collaborations that may result in additional investments in specific segments of the group’s business,” said the statement.

Local media had reported that Air Asia was in discussions over a potential sale of a 10% stake in the business but the firm declined to give any more specifics other than to confirm it is evaluating it financial options.