Thai Airways rehab plan soars ahead of schedule

The embattled Thai flag carrier has sold at least eight aircraft and other non-core assets since October, as part of Thai Airways‘ rehab plan.

Thai Airways International updated its ongoing bankruptcy rehabilitation to the Stock Exchange of Thailand (SET).

THAI, whose subsidiary – Thai Smile, made global headlines yesterday after a mid-air brawl captured on video went viral– said in its submission that it had met all requirements as per the plan.

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THAI is obliged to send quarterly reports to the Stock Exchange of Thailand.

As per rehabilitation plans it has managed to sell many non-core assets, along with unused aircraft and engines.

From September 15 to December 15, the airline repaid 1.9 billion baht (US$55 million) of its debt and no defaults took place. THAI has already sold many of its non-core assets including its stakes in Bangkok Aviation Fuel Services and Nok Air, property at Laksi intersection, and unused engines.

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The rehabilitation agreement was amended to allow THAI to have an additional three aircraft.

During the quarter, eight aircraft were shed for a total of US$19.5 million (675 million baht), and one unused engine was offloaded for US$1.8 million (65 million baht).

Suvadhana Sibunruang, the acting Chief Executive Officer of THAI until CFO Chai Eamsiri takes on the role next year, said last week that the airline was seeing some profits since May and was looking to return to trade on the Stock Exchange of Thailand (SET) earlier than planned.

THAI, filed for bankruptcy in 2020, and its shares were suspended in August of that year. The date for return to the SET is set for 2025.

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Jon Whitman

Jon Whitman is a seasoned journalist and author who has been living and working in Asia for more than two decades. Born and raised in Glasgow, Scotland, Jon has been at the forefront of some of the most important stories coming out of China in the past decade. After a long and successful career in East sia, Jon is now semi-retired and living in the Outer Hebrides. He continues to write and is an avid traveller and photographer, documenting his experiences across the world.

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