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Published on Tuesday, June 15, 2021

Thai Airways gets court approval for restructuring






Thai Airways finally got court approval to restructure its ailing business operations. The Central Bankruptcy Court endorsed the proposal, which is backed by most creditors, including main backer Thailand's Ministry of Finance.


Its plans include halving its workforce, sell off real estate assets and secure about THB50 billion in new capital. Overall, it plans to restructure more than $5 billion of debt. It needs to secure new loans as soon as possible as operating revenue can't cover the operating costs, said CFO Chai Eamsiri.


 


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  • Inevitable!🤔

    There is much more to this than meets the eye ..... overstaffed is one, there was scandal about employees claiming fraudulently.... can't remember exactly though.... Hope the sandbox opening of Phuket turns it around for them for starters!

    By Hasmukhray Modha, Wednesday, June 16, 2021

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