Monday, May 17, 2021

business

Court allows Nok Airlines to submit rehabilitation plan by May 15


The Central Bankruptcy Court has extended the deadline for Nok Airlines to submit its business rehabilitation plan to May 15, which is the second and last extension allowed by law, the company informed the Stock Exchange of Thailand on April 14.

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Nok had filed to enter the rehabilitation programme on July 30, 2020, and received court approval on November 4, after which the court set a March 15 deadline for the airline to submit its rehabilitation plan.

The company asked for a one-month extension to April 14, and then again to May 15, citing that it is working on suitable measures to pay back creditors and restructure its organisation so it can stay afloat amid the Covid-19 situation, which required a detailed study.

The airline also said the delay in drafting the plan was due to several public holidays in April, which have hindered the gathering of necessary information.

After the company submits the plan, the receivership officer from the Legal Execution Department will convene a meeting with Nok’s creditors to acknowledge the programme. The Central Bankruptcy Court will subsequently announce its approval of the programme as well as the nomination of a plan manager.

Published : April 15, 2021

By : THE NATION