Thai Airways appoints chair, ex-president to bankruptcy rehab body
published : 27 May 2020 at 20:35
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.