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)

Preparing to roar back

The aviation industry is finally seeing signs of optimism as it tries to rebound from a major crisis.

06:00

Protest sites in Bangkok

City Hall has designated seven sites where people can hold demonstrations in Bangkok under the Public Assembly Act, though rally organisers have to seek prior permission and follow related laws.

04:33

Land tax payments deferred

The Interior Ministry has extended the deadline for land and building tax payments for three months to help people and business operators cope with economic hardship.

04:00