SINGAPORE, Oct 2 — Malaysia Aviation Group, the holding company for Malaysia Airlines Bhd, said in a letter to lessors the group is unlikely to be able to make payments owed after November unless it receives more funding from state fund Khazanah.

The letter, reviewed by Reuters, follows a request by the troubled carrier for steep discounts on aircraft rentals from its lessors as part of a broad restructuring plan, three sources with knowledge of the matter said.

Malaysia Airlines later confirmed in a statement today it had reached out to its lessors, creditors and key suppliers recently as it embarks on an urgent restructuring exercise.

According to the letter, the aviation group was experiencing "an average monthly operating cash burn of US$84 million (RM349.6 million)” but only had US$88 million in liquidity as of August 31 and an additional US$139 million available from Khazanah, its sole shareholder.

"Based on the current run-rate, absent further funding from shareholders, the group will likely be unable to meet its obligations, including payments to lessors, post November 2020,” it said.

The letter was sent to lessors last month, but the exact date was not immediately clear. — Reuters