The management of Thai Airways International (THAI) is confident that its creditors will endorse its rehabilitation plan on May 12 and it will resume international flights especially to Europe.
Acting THAI president Chansin Treenuchagron said that in response to the Central Bankruptcy Court’s order for the airline to rehabilitate its business and appoint rehabilitation planners, the airline completed a rehabilitation plan and submitted it with the Legal Execution Department on March 2.
The plan described that the airline had a total debt worth 410 billion baht but it accepted an accumulated debt worth 160-170 billion baht before Sept 14, 2020. The airline had 13,000 creditors and the plan did not propose a haircut.
Mr Chansin said he was confident that creditors would approve the rehabilitation plan in a vote set on May 12 and the Central Bankruptcy Plan would make its final decision on the plan in either June or July this year.
Chai Eamsiri, acting executive vice president for finance and accounting of the airline, said its workforce would be reduced to 14,000-15,000 within this year. Besides, the airline would downsize its fleet and reduce the types of its aircraft to respond to demand in the aviation industry.
He expected THAI to post its profit again in 2023-2024.