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business

THAI confident creditors will back rehab plan


Debt-ridden Thai Airways International (THAI) has already talked with many of its creditors as it draws up a rehabilitation plan for restructuring.

Acting president Chansin Treenuchagron said he was confident the carrier’s creditors will support the rehab plan, adding it was the best way out of the debt situation.
The airline filed for restructuring under bankruptcy protection at the central bankruptcy court on May 26. The rehab plan will be presented to the court on August 17.
The plan will reportedly restructure and reschedule the airline’s debt commitments and cancel unprofitable routes. It will also cut costs to make the carrier leaner and more competitive.

Published : July 19, 2020

By : The Nation