Thai Airways creditors approve debt restructuring plans

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Thai Airways International’s (THAI) creditors approved Wednesday the airline’s debt rehabilitation plans after postponing a week ago, and ahead of the submission to the Central Bankruptcy Court planned for May 28.

Twenty-eight groups out of 36 major creditors voted to accept three of the Thai Airways’ debt restructuring plans, said the airline’s acting president Chansin Treenuchagron.

The approved restructuring plans were from the airline, Bangkok Bank, and the Federation of Savings and Credit Cooperatives of Thailand.

According to local media reports, creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process, including other benefits to operate related businesses.

The airline also appointed five new administrators of the rehabilitation plan including Piyasvasti Amranand, Pornchai Thirawet, Chansin Treenuchagron, Siri Jirapongphan, and Kraisorn Barameeauychai.

THAI stock closed the market by soaring 29.69 per cent to the ceiling price of 3.32 baht on its last day of trading on Monday. At present, it is on a trading suspension list amid possible delisting due to negative equity.

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