Nok Air submits business rehabilitation plan, now up for creditor approval
Nok Air handed in its business rehabilitation plan after extending the deadline twice. The airline’s creditors will meet to discuss the plan and decide whether to approve the plan. It would then need to be approved by Thailand’s Central Bankruptcy Court.
Nok Air is the second national carrier to file a rehabilitation petition with the Central Bankruptcy Court over the past year as airlines struggled due to international travel restrictions. In September, Nok Air reported that revenue was down by 47.7% year-on-year and reported a net loss of 3.9 billion.
Thai Airways, which is tackling a debt of more than 300 billion baht, recently had its restructuring plan approved by creditors and will have the plan reviewed by the court later this month.
Story about Thais Airways creditor plan HERE.
SOURCE: Bangkok Post
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Another one bites the dust.
An’another one gone, another one gone.
Another one bites the dust..hey hey!
The thousands of highly paid foreign expats aren’t flying…aren’t coming to Phuket to spend. We used to spend B 50, 000 at a top resort over a weekend. But government plans like golf courses and massage guest off private jets and ” international tourist gaffes bring in nobody. Great plan. Ban the people able to spend that are already here.No wonder the airlines are broke. Thai can’t afford to fly so they drive or take the bus.
Yet more losses for tg,can’t see why things will be any better at thai smile.
Designed to take on the low cost operators at their own game,fail spectacularly then bailed out with tax payers money.why even try to make money?