Thai Airways appoints chair, ex-president to bankruptcy rehab body

Thai Airways appoints chair, ex-president to bankruptcy rehab body

Idle Thai Airways planes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok on Monday. (Reuters photo)
Idle Thai Airways planes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok on Monday. (Reuters photo)

Thai Airways International Plc on Wednesday said it appointed board members as rehabilitation planners in a bankruptcy court submission.

The court accepted the airline's request for bankruptcy protection earlier in the day, setting the first hearing for Aug 17. It gave creditors until three days before then to submit objections.

The rehabilitation committee comprises the flagship carrier's chairman Chaiyapruk Didyasarin, acting president Chakkrit Parapuntakul and three newly appointed board members, including its former president Piyasvasti Amranand.

EY Corporate Advisory Services Limited will also participate. The court's decision to agree to bankruptcy protection prompted local rating agency TRIS to downgrade the airline's senior unsecured debentures to default because the airline was given an automatic stay on debt.

TRIS said it would reassess the rating after there was agreement on the rehabilitation plan.


Do you like the content of this article?
COMMENT (4)

World Cup heavyweights gear up for quarter-finals

DOHA: Brazil, France and other World Cup heavyweights started the build-up to their quarter-final matches in earnest on Wednesday after Portugal made a huge statement of intent against Switzerland.

7 Dec 2022

Bali bombmaker released on parole from Indonesian prison: official

One of the bombmakers in the Bali blasts that killed more than 200 people two decades ago was released on parole on Wednesday, an Indonesian official said, months after Jakarta reduced his 20-year prison sentence.

7 Dec 2022

Time magazine names Ukraine's Zelensky 'Person of the Year'

NEW YORK: Time magazine named President Volodymyr Zelensky as well as "the spirit of Ukraine" as its 2022 person of the year on Wednesday, for the resistance the country has shown in the face of Russia's invasion.

7 Dec 2022