At the Blue Room, Outer Santi Maitri Building, Government House, following the weekly cabinet meeting, Prime Minister and Defense Minister Gen. Prayut Chan-o-cha disclosed about the cabinet’s resolution to put Thai Airways International Public Company Limited under court-supervised rehabilitation process, gist of which is as follows:
According to the Prime Minister, Thai Airways International has undergone a rehabilitation process before, but it was not successful due to legal complication. This time, the cabinet has been proposed with three alternatives for the rehabilitation that is, either extending rescue loan so that Thai Airways International continues to operate, having the company file for bankruptcy, or having it undergo the rehabilitation process through the Bankruptcy Court.
After careful deliberation, the cabinet approved for Thai Airways International to undergo the rehabilitation through the Bankruptcy Court, which will spare the company from being declared bankrupt nor having to lay off over 20,000 of its staffs.The decision is also made taking into account the best interest of the nation and people.
Under the court-supervised rehabilitation process, the company will undergo a number of restructuring proceedings, with the court appointing experts and professionals to supervise the company’s rehabilitation and restructuring. Ministry of Transport and other concerned agencies will give further detail on this later.
According to the Prime Minister, Thai Airways International has been a competitive organization, and generated revenues to the country. It is regarded as Thailand’s cultural ambassador for over 60 years through the endless dedication of its staffs. He expressed hope that Thai Airways International would be back as a national airline that everyone takes pride in. – May 19, 2020.