KUALA LUMPUR (Reuters) - AirAsia X (AAX) chief executive Azran Osman-Rani presented a proposed revamp plan to the loss-making, long-haul, low-cost carrier's board on Tuesday, The Edge Financial Daily reported on Wednesday.

The proposed plan, which aims to turn around the loss-making carrier, is expected to be announced soon, according to sources.

It is learnt that Azran, who has been rumoured to be on his way out, will stay on to steer AAX out of the turbulence.

A source close to the matter told The Edge Financial Daily at the board meeting on Tuesday that Azran had presented his proposal that could return the airline to the black in its fourth quarter ending Dec 31, 2014. It is understood that the board meeting chaired by Rafidah Aziz lasted more than four hours. AirAsia Bhd group chief executive Tony Fernandes was also at the meeting via a conference call.

Fernandes told The Edge Financial Daily on Tuesday that business was solid.

"Cash accretion is strong from the fourth quarter," he said, adding that AirAsia X Thailand and Indonesia are "doing very well, cash is positive".

Fernandes gave an assurance that the airline had already raised RM250 million (S$96.70 million) and has a back-up of RM450 million if needed. But he admitted that the airline was cutting capacity and deferred the delivery of new aircraft. In fact, sources said AAX is expected to post deeper losses in the third quarter results compared with a net loss of RM128.78 million in the second quarter ended June 30.