THAI rehabilitation may take up to 7 years: legal advisor

THAI rehabilitation may take up to 7 years: legal advisor

Idle Thai Airways planes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok, Thailand May 25, 2020. (Reuters file photo)
Idle Thai Airways planes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok, Thailand May 25, 2020. (Reuters file photo)

The rehabilitation of flag carrier Thai Airways International Plc may take up to seven years, the airline's legal advisor said on Monday.

After the bankruptcy court allows the rehabilitation, its planners may take five months to a year to draw up the plan, Kitipong Urapeepatanapong, told a news briefing. The rehabilitation timeframe would be five years, extendable for up to two years.

After courts approve the plan, an administrator will be appointed. Thai Airway's first hearing is scheduled for Aug 17.

"The Thai Airways rehabilitation plan should conclude within 7 years, which can include debt to equity conversions, selling assets or an equity injection," he said.

THAI told the Stock Exchange of Thailand on Monday its board had added Chansin Treenuchagron as another planner nominated by the company, bringing the total number of planners proposed by the company to seven.

They are EY Corporate Advisory Services Ltd, THAI chairman ACM Chaiyapruk Didyasrin, Chakkrit Parapuntakul, deputy permanent secretary of the Finance Ministry, and four newly appointed directors — Pirapan Salirathavibhaga, Prime Minister’s Prayut Chan-o-cha adviser and former executive and MP of the Democrat Party; Boontak Wangcharoen, ex-CEO of TMB Bank; Piyasvasti Amranand, former THAI chairman and energy minister; and Mr Chansin.

Mr Chansin, CEO of PTT Plc, replaced Pailin Chuchottaworn, his predecessor at the energy conglomerate, in the THAI board.

Mr Pailin, along with Mr Pirapan, Mr Boontuck and Mr Piyasvatsi, was appointed as THAI director on May 25 but he resigned the next day, reportedly due to possible legal complications.

Mr Pailin was deputy transport minister in the previous Prayut cabinet. The National Anti-Corruption Commission law on conflict of interest prohibits a state official from taking a position in a company under his control while in office and for two years after he vacates office.


Do you like the content of this article?
COMMENT (19)

Chinese lawmakers want schools to spend less time teaching English

A proposal by Chinese lawmakers to further reduce the amount of time spent studying English has triggered a wave of complaints that it risks harming students' prospects.

14:36

Over 200,000 tourists visit Koh Tao from Jan-Sept

SURAT THANI: More than 200,000 tourists, mostly foreigners, visited Koh Tao, a popular attraction in this southern province, over the past nine months.

13:42

Thai Chana Covid-19 tracing app scrapped

Thai Chana, a Covid-19 tracing mobile application for tourist arrivals, has been scrapped in line with the government’s policy to downgrade Covid-19 to a communicable disease under surveillance.

12:40