National flag carrier Thai Airways International (THAI) has secured approval from the Central Bankruptcy Court for its restructuring petition.
As nominated by THAI, the court has appointed planners that include ACM Chaiyapruk Didyasarin, Chakkrit Parapuntakul, Pirapan Salirathavibhaga, Boontuck Wungcharoen, Piyasvasti Amranand, Chansin Treenuchagron and EY Corporate Advisory Services.
With this, the planners will work on and soon form a business reorganisation plan. The airline will present it before the court by the fourth quarter of this year.
THAI will also keep the creditors updated on the progress and hold discussions to share their opinions.
In the first quarter of next year, the court will approve THAI’s reorganisation proposal and the plan administrator will be appointed.
Following these developments, the airline will execute the plan.
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By GlobalDataIn a statement, THAI director and acting president Chansin Treenuchagron said: “THAI pledges to fulfil its commitments to all creditors under the business reorganisation process and hopes to promptly resume its full flight services and strong business operations as a national flag carrier.”
THAI holds an estimated debt burden of around THB300bn ($9.6Bn), reported AP citing Thai media sources.
Earlier this year, the Thai Government reduced its controlling stake in the airline to 47.86%.
THAI has resumed some domestic flights, but all regularly scheduled international flights still remain suspended.
