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)

Tracing under way

Authorities are tracing 326 people who came in contact with a Thai woman in Chiang Mai who was diagnosed with Covid-19 and visited a mall among other places.

17:28

First made-in-China nuclear reactor online

BEIJING: China has powered up its first domestically developed nuclear reactor — Hualong One — a significant step in Beijing’s attempts to become less dependent on Western countries for energy security and critical technology.

16:03

Three die in rescue vehicle crash

TRAT: Two rescue workers and an injured man they were carrying died when their rescue vehicle struck a concrete pole and plunged into a reservoir in Muang district on Saturday morning.

14:42