Syn Mun Kong Insurance (SMK) has filed for protection with the Central Bankruptcy Court after it failed to pay a whopping THB164 billion to 1.95 million people who purchased its Covid insurance.

Creditors are supporting the government's move to have Thai Airways International (THAI) seek bankruptcy protection, while the Finance Ministry is preparing to negotiate the sale of 3 per cent of its stake in the airline, which will make the national carrier lose its state enterprise status.