THAI gets 4 new directors ahead of bankruptcy restructuring
Debt-ridden Thai Airways International appointed four new directors, effective immediately, at its extraordinary board meeting today (May 25), according to its filing to the Stock Exchange of Thailand. Among them is former THAI president, Piyasvasti Amranand, who replaced Sirikul Laukaikul as a board member.
Another is former PTT chief executive officer Pailin Chuchottaworn, who replaced Pratana Mongkolkul.
The other two are Pirapan Salirathavibhaga, replacing Pitipan Tepartimargorn, and Boontuck Wuncharoen, replacing Pinit Puapan.
Separately, a THAI filing this morning confirmed that the Finance Ministry reduced its shareholding in the national carrier to below 50 per cent on May 22 by selling 3.17 per cent to Vayupak Fund 1. THAI thus lost its status as a state-run enterprise.
The government is moving to restructure the airline, which has debts of Bt200 billion, under formal bankruptcy protection.
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