By Linda Khoo Hui Li
BANGKOK, Aug 25 (NNN-BERNAMA) — Thailand’s bankruptcy court will rule on Sept 14 whether to approve or reject Thai Airways International Public Company Limited (THAI)’s request for restructuring.
The Central Bankruptcy Court held two additional hearings on Aug 20 and today, Aug 25 after some creditors opposed the request.
In a statement, THAI director and acting president, Chansin Treenuchagron said today’s proceedings went smoothly with good prospects.
THAI filed the business reorganisation petition on May 26, which was accepted for consideration by the court on May 27.
THAI had been in trouble before the COVID-19 outbreak due to stiff competition from budget airlines, global economic slowdown and bloated costs.
Due to the ongoing pandemic and the continuous immigration restrictions and governmental measures imposed by several countries, THAI was forced to extend the temporary suspension of its international operations until the end of October.
Thai Airways reported a net loss of 12.04 billion baht (100 baht=RM13.64) in 2019. The airline recorded losses every year since 2012, except 2016. Its total debt stands at about 250 billion baht.
Last month, THAI announced a drop in passengers, numbering only 3.5 million in the first five months of the year.
— NNN-BERNAMA
