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