Tuesday, August 04, 2020

THAI applies for rehabilitation under bankruptcy law

May 26. 2020
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Thai Airways International Plc's legal team on Tuesday (May 26) reportedly filed with the Bankruptcy Court for the carrier to enter rehabilitation process under the bankruptcy law.

The move was in line with a recent Cabinet resolution. The Central Bankruptcy Court will decide on Wednesday (May 27) whether it will take into consideration the option of THAI undergoing rehabilitation under the bankruptcy law.

Prime Minister Prayut Chan-o-cha on Monday also signed off the appointing of a committee tasked with following up on the airline’s rehabilitation.

The nine-member committee, chaired by Deputy PM Wissanu Krea-ngam, includes former finance minister Apisak Tantiworawong, Finance Ministry's permanent secretary Prasong Poontaneat and Transport Ministry's permanent secretary Chaiwat Thongkamkoon.

The committee represents the government in following up on the airline’s rehabilitation under the court’s supervision as well as give advice to related state agencies in solving THAI’s problems that are not related to the court process.

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