central bankruptcy court

  • Tourism

    THAI needs to raise 10 billion baht as part of its restructuring plan

    Thailand’s State Enterprise Policy Office (SEPO) announced Thai Airways (THAI) needs to raise 10 billion baht to ensure the company’s shareholding does not dip below 40%. The Finance Ministry, THAI’s biggest shareholder with a 47% stake, revealed plans are already underway to raise the finances and preserve its shareholding in the company. SEPO Director General Pantip Sripimol reported that the…

  • Transport

    Thai Airways refunds possible, reorganisation approved

    Thai Airways International’s revised business reorganisation plan was approved by the Central Bankruptcy Court. The plan was submitted last month and the airline will now start on a course of financial restructuring. Does this mean everyone waiting for a refund from the Covid-19 pandemic and before Thailand’s flagship airline declared bankruptcy will finally get their money back? It is reported…

  • Thailand

    Court clears THAI for takeoff, as it doubles Aussie flights

    Thai Airways (THAI) received a much-needed boost today when the Central Bankruptcy Court approved the airline’s request to overhaul its recovery plan. The news comes on the back of a THAI announcement that passengers increased by 80% this month and plans to double flights to Melbourne, Australia, in December. Thailand’s national flag carrier was told by the court to carry…

  • Thailand

    Why are Thai Airways leasing 3 Boeing 777-300ER aircraft?

    Thai Airways is expanding its fleet by three this month despite going through an ongoing debt restructuring process. The airline is in the process of selling 45 unused jets, yet they are leasing three Boeing 777-300ER aircraft this month. Two 777-300ERs, adorned with Thai Airways paint jobs, landed at Bangkok’s Suvarnabhumi airport on April 5 and another is expected to…

  • Business

    Thai Airways to resume flights to countries with high vaccination rates

    Thai Airways says it will start selling seats on flights to highly-vaccinated destinations from October 1. The struggling national carrier expects to resume flights to the UK, France, and Germany, as well as Japan and Australia. The Bangkok Post reports that airline bosses made the decision after several destinations reported vaccination rates of around 70%. Airline spokesman, Chai Eamsiri, says…

  • Business

    Strapped for cash, Thai Airways puts 3 more aircraft up for sale

    The beleaguered national carrier, Thai Airways International, is to sell 3 more aircraft in a bid to raise some much-needed funds. Also up for grabs is a flight simulator, as the airline continues with its rehabilitation plan and attempts to modernise its fleet. The Bangkok Post reports that the airline is selling 3 of its Airbus A330-300s, all of which…

  • Transport

    Thai Airways rehabilitation plan accepted by Bankruptcy Court

    The debt rehabilitation plan of Thai Airways International has been accepted by Thailand’s Central Bankruptcy Court, paving the way for the survival of the company. The CBC’s acceptance of the plan is the first step in the debt restructuring process for the struggling airline. In this plan, the state would play an instrumental role in aiding Thai Airways to get…

  • Thailand

    Central Bankruptcy Court approves Thai Airways debt restructuring plan

    The high profile restructuring plan to tackle Thai Airways International’s around 400 billion baht debt was approved by the Central Bankruptcy Court today. While the pandemic hit airlines across the globe, Thai Airways has been recording losses for nearly a decade. The record loss of 141.2 billion baht posted last year prompted the struggling airline to file for bankruptcy protection.…

  • Thailand

    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…

  • Thailand

    Thai Airways restructuring plan approved by creditors

    The restructuring plan to tackle Thai Airways International’s more than 300 billion baht debt, one of Thailand’s most high profile bankruptcy cases, was approved by the airline’s creditors, its legal advisor told Reuters reporters this afternoon. The plan was approved by 90% of the creditors. It will be reviewed by the Central Bankruptcy Court on May 28. In a previous report,…

  • Business

    Labour union angry over changes to Thai Airways staff contracts under rehab plan

    Union representatives are questioning changes made to the employment terms of Thai Airways staff as part of the national carrier’s debt-restructuring plan. The labour union claims the changes have removed or diluted several staff entitlements and welfare benefits, pointing the finger at acting president, Chansin Treenuchagron, who signed the orders. The union is calling on the Department of Labour Protection…

  • Thailand

    Thai Airways sells warehouse items and leases offices for extra cash

    In its latest move to generate just a little more cash in the midst of bankruptcy, cash-strapped Thai Airways is leasing out its office buildings and auctioning off in-flight items like bowls, cups, mugs and packages of “refreshing tissue.” Thai Airways also recently put 34 passenger airplanes on the market. With the coronavirus-induced travel restrictions, Thai Airways cannot operate fully…

  • Economy

    Bankruptcy Court approves Thai Airways debt restructuring plan

    The Central Bankruptcy Court approved Thai Airways International’s debt restructuring plan. An official says the approval is just a “tiny step” in the process estimated to take years. With the approval, the international airline company can now start discussions with debt holders. The 60 year company is reportedly facing its biggest challenge: bankruptcy during a global pandemic with international travel…

  • Business

    Company drafts THAI’s rehab plan, faces criticism

    The rehabilitation plan for Thai Airways International, or THAI, isn’t looking great. It was presented to the Central Bankruptcy Court yesterday and creditors questioned the expertise of the company chosen to draft the plan. EY Corporate and Advisory Services, appointed by THAI, faced criticism regarding their technical experience when it comes to drafting a plan to restructure a company, especially…