After acquiring the Malaysian-government backed airline for one ringgit or about 25 U.S. cents, co-founder Tony Fernandes sought the help of aircraft leasing company GECAS to refinance debt on its planes and engines. He and his team had to convince GE to take the risk.
“One day if I’m bad, you just repossess two airplanes. If I make this model work … one day we may buy 1,000 engines off you,” Fernandes, now CEO of AirAsia Group, said in retelling the story.
Nearly 20 years later, the airline achieved more than he or any analyst expected. AirAsia has now purchased over 1,000 CFM56 and LEAP engines, becoming CFM’s largest LEAP-1A customer.
“GE has been a very big part of our success,” Fernandes said.
With the tagline “Now Everyone Can Fly,” AirAsia offers fares to more…
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