FINANCIALLY strapped MYAirline Sdn Bhd’s interim chief executive officer has resigned and aircraft lessors have recalled their planes, reported New Straits Times.

The report said the company was being managed by its interim accountable executive Azharuddin Abdul Rahman after the resignation of interim CEO Stuart Cross.

The daily, quoting sources, reported that the aircraft lessors have asked the airline to return the nine Airbus A320s that made up its fleet.

The lessors were Aviation Capital Group LLC, AerCap Holdings NV, Aircastle Ltd, Avolon, Carlyle Aviation Partners, Genesis, Mizuho and SMBC Aviation Capital.

MYAirline reported in May it had secured agreements with these lessors for 17 aircraft valued at RM2.1 billion.

The company’s troubles emerged with the resignation of CEO Rayner Teo, followed by the suspension of its services.

The budget airline took its first flight on December 1, 2022, and has been bleeding money over the less than one year it was operating.

The daily reported it was unclear if MYAirline had applied for a renewal of its air service licence (ASL).

The two licences needed for an entity to operate as a scheduled commercial air operator in Malaysia are the ASL and the air operator certificate (AOC).

The AOC is issued by the Civil Aviation Authority of Malaysia and the ASL by the Malaysian Aviation Commission.

MYAirline’s ASL expires November 14, while its AOC was recently extended for two years. – October 16, 2023.