Four firms to advise on THAI rehab

Four firms to advise on THAI rehab

Thai Airways International will hire four firms to assist in legal, accounting, business and financial matters as the company works on its debt rehabilitation plan. (Bangkok Post photo)
Thai Airways International will hire four firms to assist in legal, accounting, business and financial matters as the company works on its debt rehabilitation plan. (Bangkok Post photo)

The board of Thai Airways International (THAI) has approved the hiring of four firms to assist in legal, accounting, business and financial matters as the company works on its debt rehabilitation plan.

Chansin Treenuchagron, acting president of the company, on Thursday said the airline's board has approved the hiring of Baker & McKenzie Co, EY Corporate Advisory Services Co, McKinsey & Company (Thailand) and Finansa Securities Co to serve as legal, finance, business and accounting advisers as the company enters rehabilitation in court.

Mr Chansin said the board approved the appointments in compliance with regulations governing procurements and contracts.

The remuneration offered was consistent with the job descriptions and conformed to the terms of reference in the hiring process, he said.

The airline realised the rehab procedures must be acceptable and trusted by customers, trade partners, creditors, business partners and other stakeholders.

The advisers and experts contracted to assist in THAI's rehabilitation plan are world-renowned specialists in their fields and should inspire confidence among stakeholders, Mr Chansin said.

Early this month, THAI asked a "survival team" to devise a business plan to support its debt rehabilitation, according to a source with the airline.

The team, comprising 21 executives from various THAI departments, answered Mr Chansin's order.

The team will now be in charge of producing a business plan until Oct 31.

The creation of the team is an integral part of the rehabilitation blueprint which the struggling airline will submit to the Central Bankruptcy Court on Aug 17.

The source said the team is headed by Chai Eamsiri, THAI vice president for petroleum, corporate insurance and aviation environment.

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