Central Bankruptcy Court approves Nok’s rehabilitation plans

Thai low-cost carrier Nok Airlines (NOK)’s rehabilitation plans were approved by the Central Bankruptcy Court this week after months of arbitration.

The airline hopes to increase flights in the coming weeks as the country enters tourism high season.

Wutthiphum Jurangkool, the airline’s chief executive, informed the Stock Exchange of Thailand (SET) late Wednesday that the court gave the greenlight to Nok’s rehabilitation plans after several hearings.

“The company is certain that plans will be implemented successfully soon,” he said.

Nok, as a result, is the second airline to receive business restructuring approval following Thai Airways International (THAI) amid severe Covid-19 impact on the aviation industry.

The appointed administrators of the plans include Wutthiphum and three of Nok’s directors, Tai Chong Yih, Prinya Waiwatana, and Chavalit Uttasart.

Nok aims to boost its flight number from October 15 for the high season in the fourth quarter, according to Wutthiphum. However, he said the outcome might not be as good as last year since there are still some restrictions.

Tourism industry will likely rebound by 2022 with Chinese tourists returning, he added.

At present, Nok stocks are suspended from trading subject to a delisting warning from the SET due to negative equity, but Wutthiphum is confident that the rehabilitation plans would help Nok regain its income in the future.

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