Thai Airways says court hearing on business restructuring moved to mid-June
published : 28 May 2021 at 13:13
Thai Airways International Plc said that the Central Bankruptcy Court will decide on its restructuring proposal on June 15, after Friday's hearing was postponed to allow for the assessment of complaints filed by creditors against the plan.
"Creditors filed two complaints against the restructuring plan, which the court accepted," the airline said in a statement.
"The Central Bankruptcy Court will suspend the review to allow planners and creditors to clarify the issues."
Earlier this month, THAI creditors' approved a restructuring plan before it was sent to the bankruptcy court for review.
The plan seeks to restructure 245 billion baht of debt through payment extensions, interest waivers, and debt-to-equity conversions.
The airline was in difficulty well before the coronavirus pandemic grounded flights across the globe, booking losses nearly every year after 2012.