BANGKOK – The Central Bankruptcy Court agreed to consider a rehabilitation bankruptcy request from Thai Airways International (THAI), consequently resulting in the automatic stay.
The court set the first hearing of the case at 9a.m. on Aug 17. It ordered its acceptance of the petition be announced via printed and online media.
The creditors of the national airline would have to oppose the rehabilitation at least three days before the first hearing date; otherwise, they would be considered as agreeing with the process, the court stated.
Four new members of the THAI board were recently appointed. They are Pirapan Salirathavibhaga, Boontuck Wungcharoen, Pailin Chuchottaworn and Piyasvasti Amranand. The board will meet on May 29 to consider a rehabilitation plan that the Central Bankruptcy Court accepted.
Last year the debt-ridden national airline posted a loss of 12 billion baht. It had recorded annual losses since 2012 except in 2016. (TNA)