Bankruptcy court gives green light to Thai Airways rehabilitation plan
BANGKOK (The Nation / ANN): The central bankruptcy court has approved the rehabilitation plan for Thai Airways International (THAI), a source said on Tuesday (June 15th).
The court hearing for the rehabilitation plan was postponed from May 28 after two of THAI’s creditors filed complaints. The court responded to the complaints by calling on the airline to submit additional information before giving approval to the plan.
THAI has a total debt of 245 billion baht, much of which accumulated over the decade before the Covid-19 crisis brought flights to a halt and damaged airlines’ balance sheets.
The court also approved the five people who will oversee the rehabilitation plan. They are:
• Piyasawas Amaranant, President of PTT (appointed by THAI)
• Pornchai Theerawet, Deputy Permanent Secretary of the Ministry of Finance (nominated by THAI)
• Siri Jirapongphan, ex-minister of energy, director of the Bangkok Bank (nominated by the Bangkok Bank)
• Kraisorn Barameeauychai, Executive Vice President of Bangkok Bank, Head of Legal Department (appointed by Bangkok Bank)
• Chansin Treenuchagron, Acting Chairman of THAI (appointed by the Federation of Credit and Savings Cooperatives of Thailand)
THAI now has five years to rehabilitate itself according to the court-approved plan.
The airline can extend the deadline twice, not more than one year per time, which means it must complete the rehabilitation process within seven years. – The Nation / Asia news network