Queency Jain –
In order to turn tables, Thai Airways International Pcl secures the Central Bankruptcy Court of Bangkok’s approval to restructure its $12.9 billion debt load.
The Airways is already under bankruptcy protection and recorded a loss of $4.5 billion in the year of 2020. Thus, the Court’s order comes as a relief to the company.
Though certain creditors have earlier filed a complaint against the plan, the Court removed all the hurdles for the company by approving the rehabilitation plan thereby, making no changes to the plan that was earlier approved by the creditors.
The plan will be administered by a committee of 5 members including the Airline’s Acting Chief Executive Chansin Treenuchagron and its former CEO Piyasvasti Amranand.
Former CEO Amranand stated that the last time the airlines was working profitably was in between the year of 2009 to 2020 and since after then, the bookings have fallen tremendously thereby Coronavirus hitting the company more badly than ever.
Earlier, the restructure plan was approved by the creditors for 7.87 billion debts but was later rejected by the Court after 2 complaints were filed against the same.