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Bangkok Post - Court sets date for THAI rehab ruling
Court sets date for THAI rehab ruling
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Court sets date for THAI rehab ruling

The Central Bankruptcy Court is due to hand down its ruling on Thai Airways International Plc's (THAI) rehabilitation plan on Sept 14 after all three rounds of hearings of creditors opposing the rehab plan have wrapped up.

On Tuesday, hearings were executed smoothly and appeared to benefit the airline's rehabilitation plan, said THAI acting president, Chansin Treenuchagron.

The last creditor heard was Data Products Toppan Form Co, he said.

The first hearing was conducted on Aug 17, while the second was on Aug 20 and the last one was yesterday, said a source.

The court had heard that three out of all five creditors objecting to the airline's rehabilitation plan while two creditors had previously withdrawn their petitions against the rehabilitation of the debt-ridden national flag carrier, said the source.

If the court on Sept 14 approves THAI's rehabilitation plan, the rehabilitation team that represents the company will then propose for the Legal Execution Department to begin informing every creditor of the airline about the process of registering for filing their requests online for debt payments, said Mr Chansin.

Normally, these creditors will be required to submit their debt payment requests within a month after the court's order for the airline's rehabilitation to begin is published in the Royal Gazette, he said.

As soon as the court approves the rehabilitation plan, the rehabilitation team will invite all creditors to a briefing on the drafting of the detailed rehab plan and keep them updated on the progress of the drafting, he said.

As for THAI customers who have bought tickets directly from the airline and are requesting refunds, he said, the airline has a policy to ensure the protection of their rights.

These customers are assured that they won't have to spend too much time submitting formal requests to the Legal Execution Department for refund payments.

The airline is now allowing customers to keep unused tickets for use later after its rehabilitation, or with its Thai Smile Airways, a wholly owned subsidiary of THAI.

They can also trade their tickets for travel vouchers that will be valid until Dec 31, 2021, he said.

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