AirAsia's CEO admits a liquidity squeeze driven by jet fuel costs, which were up 58% in Q2, and a net loss of RM527 million for April-June. Its cash of RM954 million is among the lowest of airlines Bloomberg tracks. The group plans a refinancing of about US$500-550 million to consolidate debt and cut interest costs. For a Thai SME, the signal is that fuel-driven cost pressure is hitting even large carriers, so tight cash is a risk across travel and logistics suppliers. Watch for payment delays from transport partners and plan for slower receivables.