Creditors approve Thai Airways rehabilitation plan
On May 19, 2021, Thai Airways creditors voted to approve the cash-strapped airline’s rehabilitation plan.
"Ninety percent of creditors voted to approve the plan," Thai Airways legal advisor Kitipong Urapeepatanapong told Reuters, adding that the Central Bankruptcy Court of Thailand would need to review the plan on May 28, 2021.
On September 14, 2020, the Central Bankruptcy Court approved the ailing airline’s request for bankruptcy protection and debt restructuring. The Court granted Thai Airways business reorganization petition and appointed planners who were expected to submit a plan to the Court within the fourth quarter of 2020. However, the submission was postponed several times.
On March 2, 2021, Thai Airways finally submitted its rehabilitation plan. According to rehabilitation law, Thai Airways must fully implement the rehabilitation plan in five years once it is submitted and approved by the Court.
Thai Airways has been reporting losses since 2013 which resulted in capital deficiency and lack of financial liquidity. In 2020, the airline suffered a record loss of 141 billion baht ($4.6 billion) amid the ongoing pandemic.
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