BANGKOK, May 20 (NNN-TNA) – Thailand’s national flag carrier, Thai Airways International Plc, will seek restructuring via a bankruptcy court, after the Thai Cabinet Tuesday approved a rehabilitation plan for the troubled state enterprise.
The Cabinet meeting, chaired by Prime Minister, Prayut Chan-o-cha, agreed to the plan, proposed by the state enterprise policy committee, to pave way for Thai Airways to start restructuring process in the court.
The airline, with a majority stake owned by the Finance Ministry, reported an outstanding debt of 92 billion baht (2.8 billion U.S. dollars).
It had been hit hard by the COVID-19 pandemic, after all international flights have been cancelled.
Prayut said that he believed Thai Airways will have a viable future if it seeks restructuring via the bankruptcy court. “Thai Airways will be stronger under the rehabilitation plan.”
The prime minister also said that Thai Airways should be an organisation that promotes the country’s reputation and generate income for the Thai people.
He said his government would report details of the restructuring steps after the ruling by the court.
