Thai Airways exits rehabilitation plan after four years of operation
THAI listed among world's most profitable airlines in recent quarters
Thai Airways (THAI) announced yesterday, June 16, that the Central Bankruptcy Court officially approved the end of its rehabilitation process. The airline now plans to seek permission to relist its shares on the stock exchange by August.
THAI shared the news via its official Facebook page, stating, “The Central Bankruptcy Court has ordered the termination of business rehabilitation. THAI is ready to move forward, building strength and sustainable growth.”
The airline entered rehabilitation in 2020 after years of financial losses dating back to 2013. During its most difficult period, THAI resorted to selling aircraft seats, opening a deep-fried dough stall, and converting parts of its office into a coffee café to generate revenue.
The Covid-19 pandemic further exacerbated its financial woes, leading to the suspension of its stock market trading. According to the Facebook page Money Lab, THAI’s shares were trading at just 3.32 baht each before the suspension.
The Central Bankruptcy Court set four key targets for the airline to achieve as part of the rehabilitation plan. THAI confirmed that it has now successfully met all those targets.
Piyasvasti Amranand, executive board member and former chairman of the rehabilitation plan, reported that the company had undertaken a number of significant reforms over the past four years.
These included restructuring the organisation, expanding flight routes, upgrading its aircraft and cabins, and adopting digital systems to improve services.
Among the service enhancements, THAI enabled online bookings via its website and app, introduced exclusive lounges, offered enhanced in-flight services, and promoted its frequent flyer programme, Royal Orchid Plus.
Piyasvasti further noted that the airline has posted profits in every quarter since 2023. According to Airline Weekly, THAI ranked among the top three global airlines in terms of operating profit margin in the last two quarters.
Of its total debt of over 189 billion baht, THAI has already repaid 94 billion. The remaining 95 billion baht is expected to be settled by 2036.
Following the successful conclusion of the rehabilitation process, the board of directors and relevant officials held a meeting and agreed to appoint Laworn Saengsanit, Permanent Secretary of the Ministry of Finance, as the new chairman of the board.
Latest Thailand News
Follow The Thaiger on Google News:
