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FRIDAY, December 01, 2023

Bankruptcy court gives THAI rehab plan the go-ahead

Bankruptcy court gives THAI rehab plan the go-ahead
TUESDAY, June 15, 2021

The Central Bankruptcy Court has approved the rehabilitation plan for Thai Airways International (THAI), a source said on Tuesday.

Court hearing for the rehab plan had been postponed from May 28 after two of THAI’s creditors filed complaints. The court responded to the complaints by calling on the airline to submit additional information before giving the plan its approval.

THAI has a total debt of 245 billion baht, much of it racked up in the decade before the Covid-19 crisis grounded flights and wrecked airlines’ balance sheets.

The court also okayed the five individuals who will oversee the rehab plan. They are:

• Piyasawas Amaranant, PTT chairman (nominated by THAI)

• Pornchai Theerawet, Finance Ministry deputy permanent secretary (nominated by THAI)

• Siri Jirapongphan, ex-energy minister, Bangkok Bank director (nominated by Bangkok Bank)

• Kraisorn Barameeauychai, Bangkok Bank executive VP, manager of legal department (nominated by Bangkok Bank)

• Chansin Treenuchagron, THAI acting president (nominated by Federation of Savings and Credit Cooperatives of Thailand)

THAI now has five years to rehabilitate in line with the court-approved plan The airline can extend the deadline twice, at no more than one year per time, which means it has to complete the rehab process within seven years.