THAI rehabilitation may take up to 7 years: legal advisor
published : 8 Jun 2020 at 16:00
writer: Reuters and online reporters
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.