AirAsia Group has announced that stock exchange operator Bursa Malaysia dismissed its application to extend a relief period that prevented it from being classified as a Practice Note 17 (PN17) company, a status that relates to companies that are in financial distress. Companies classed as PN17 must submit to the stock exchange a proposal to restructure and revive the company in order to maintain listing status. In a disclosure to the exchange on January 13, the AirAsia (AK, Kuala Lumpur Int'l) parent confirmed that, according to Bursa regulations, with the expiry of the relief period it is now "required to reassess its condition." The PN17 financial distress criteria had been triggered in July 2020 after independent auditors from Ernst & Young highlighted in the group's annual results that net loss and liabilities at the end of 2019 significantly exceeded assets, flagging material uncertainties that cast doubt on its ability to continue as a going concern.