http://admin.travelmole.com/images/stories/2009/images/Thai_AirwaysA380(11).jpg

Published on Tuesday, September 15, 2020

Thai Airways debt restructuring gets approval from court






Cash-strapped flag carrier Thai Airways International has secured court approval for its proposed debt restructuring.


The Central Bankruptcy Court gave the go-ahead for the airline's restructuring.


With debts of more than $7 billion, there is a lot of work ahead to get its finances back on track.


"The court's debt rehabilitation approval is just a tiny step. It's an uphill task to come up with a debt plan that would satisfy banks, aircraft lessors, suppliers and other lenders," Chanchai Chaiprasit, CEO of PwC Thailand told the Bangkok Post.


According to the airline's acting president Chansin Treenuchagron, more than half of creditors support its debt restructuring plan.


The airline had major financial strife even before the Covid-19 pandemic.


It had only turned a profit once since 2012.


Since filing for bankruptcy, the Thai government reduced its stake in the airline to less than half, which ended its status as a state-owned enterprise.


 


Written by Ray Montgomery, Asia Pacific editor

Story Image



Your Comments

, be the first to post a comment.
Your email:






Email other comments made to this story


NOTE: Comments are subject to admin approval before being posted.
Mole Poll
Will 5-day quarantine with test boost travel?- Yes/still too long/too expensive/ vaccine only??
Yes 23.64 %
Too Long 25.97 %
Expense 29.84 %
Vaccine 20.54 %

Thank you for your vote



What is GoodtoGo?

Submit your news
or special offer


Current UK Special Edition



Current US Special Edition



Current Asia/Pacific Special Edition



LATEST 'MOLE VIDEOS

Central Florida's natural theme parks ideal for post-covid. Graham McKenzie finds out more

Visit Florida is all set for 2021 comeback - Graham McKenzie talks to head of VF Dana Young

Italy will be going back to basics in the post covid world

Sri Lanka - will it be the success of the post Covid world

South Africa and South Australia battle it out to be the best 'SA'
Enter the giveaway here!

UPCOMING EVENTS
\m