Thai Airways Avoids Bankruptcy

The government of Thailand has announced that the flag carrier of Thailand - Thai Airways, will be restructured in a bankruptcy court.

“Thai Airways will enter a rehabilitation process under the court. We have decided to petition for restructuring and not let Thai Airways go bankrupt. The airline will continue to operate"
Thailand’s Prime Minister Prayuth Chan-ocha

 

"The Cabinet also agreed the government will reduce its holding in Thai Airways to under 50%, ending the airline’s status as a state-enterprise” Thailand's Transport Minister Saksayam Chidchob.

If the request is accepted by the bankruptcy court Thai Airways would be given an automatic stay, restricting legal action from creditors.

Thai Airways said that the plan will be implemented through the Central Bankruptcy Court and it would operate as usual as the restructuring took place.

Thai Airways said they would not resume their international flight operations until 30th June, after the Civil Aviation Authority of Thailand extended their landing ban for international flights for another month. 

What changes will see at Thai Airways?

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