A new rehabilitation plan for THAI Airways International (THAI) has been approved by its creditors, which the company describes as a significant step toward its complete recovery.
THAI has informed the Stock Exchange of Thailand that the new rehabilitation plan that was initially submitted to the Central Bankruptcy Court on July 1 has been approved by its creditors, who own 78.59 percent of the company’s total debt, during its online meeting on September 1. The revised plan included a proposal to borrow 12.5 billion baht over six years and another 12.5 billion in the short term. It also calls for debt-for-equity swaps of 37 billion baht or around 25% of its overall obligations of more than 100 billion baht.
THAI stated that the approval is essential for building the groundwork for its future expansion and profit-making potential, which will maintain the airline as the national flag carrier while supporting and boosting the Thai economy and society’s recovery. The airline added that the decision demonstrated creditors’ trust in backing the airline as it takes a new and more sustainable path.
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