AAV, Thailand's AirAsia affiliate, is owed a net 11,400 million baht by AirAsia Group Berhad as of end Q2 2026. Kasikorn Securities estimates AAV may need to book 600-1,200 million baht in credit-loss provisions and now sees profit recovery slipping to 2027. AirAsia is seeking up to USD 1 billion in bond funding and a 700 million ringgit Malaysian credit line. For a Thai SME, the direct impact is limited to travel and logistics suppliers linked to AAV or AirAsia. Watch the AirAsia briefing, and avoid extending unsecured credit to AirAsia-linked counterparties until its funding is confirmed. Higher jet fuel costs are also squeezing airline operations.