Budget carrier Nok Air on Thursday submitted a business rehabilitation plan to the Bankruptcy Court for debt restructuring, hoping to its businesses to revive before the pandemic ends.
Nok Air chairman Prasert Bunsumpun said the company’s board approved the submission of the recovery plan and the Bankruptcy Court accepted its request and set the first hearing for October 27.
The company submitted its petition to the court as it viewed that the business rehabilitation plan is the best way to solve a temporary lack of liquidity and to allow the business operation to continue as normal.
The current trouble is not caused by business-related fundamental factors but the airline has been hard hit by the coronavirus pandemic.
The company does not want to enter to bankruptcy and it is determined to undergo proper rehap processes to be restored for future growth, Prasert said.
It aims to recover before the Covid-19 pandemic ends, so it will have been ready to serve increasing air travel demands by then, he added.
Nok Air will continue its normal operations and services pending the rehab procedures. (TNA)