14.09.2020 – 08:05 UTC
Thailand’s Central Bankruptcy Court has allowed flag carrier Thai Airways International (TG, Bangkok Suvarnabhumi) to enter into a business reorganisation while dismissing objections from 15 minor creditors.
The airline said in a stock exchange filing that the court had appointed a seven-member planners’ committee, comprising six individuals and EY Corporate Advisory Services. The committee expects to present a detailed restructuring plan to the court in the fourth quarter of this year. Thereafter, a meeting of creditors will be called to approve the plan in early 2021. Thai Airways hopes to secure both creditor and court consent and start restructuring its business by the end of the first quarter of 2021.
In its ruling granting Thai Airways’ petition, the court recognised that the carrier’s debts exceeded its assets and that it was not able to meet its commitments to creditors.
However, it also pointed out that the airline’s situation had been exacerbated by various external factors, namely the COVID-19 pandemic, and not by bad faith or mismanagement. The court also recognised that the airline had the…
01.09.2020 – 02:36 UTC
A governmental audit has identified multiple cases of graft, corruption, and wrong business decisions as the reasons for Thai Airways International‘ dismal financial situation, Deputy Transport Minister Thaworn Senniam said at a