Cash-strapped Nok Air enters court approved restructuring
Thai budget carrier Nok Air has got court approval to restructure its business.
The Central Bankruptcy Court gave the go-ahead for the airline to start the rehabilitation process, and expects to present its business plane by January 2021.
"Even though Nok Air can reduce accumulative losses, the airline has suffered from the outbreak, which has grounded our fleet for months," said Nok Air Director, Kasemsant Weerakun.
"The court has the jurisdiction to rehabilitate the company’s business. This is the only path for us."
Kasemsant said Nok Air has been granted relief from creditors and is focused on renegotiating payments to aircraft lessors and maintenance contractors which makes up about 40% of its expenses.
"Nok Air still has adequate liquidity while the automatic stay helps preserve cash flow," said Kasemsant.
The airline says it has resumed all its domestic routes, and seat capacity is back up to 70% of pre-pandemic levels.
Nok Air also plans to eventually launch new domestic and international routes.
The airline reported revenue of THB3.4 billion in the first half of this year, down nearly 50% on 2019.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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