Date set for THAI rehab ruling

Date set for THAI rehab ruling

The Central Bankruptcy Court will rule on Thai Airways International Plc's (THAI) debt-rehabilitation plan on June 15 after suspending yesterday's hearing to allow for the assessment of complaints filed by creditors against the plan.

The airline's creditors formally approved the debt-rehabilitation plan on May 19 which emphasises the state's role in helping the struggling flag carrier access fresh cash injections.

Under the plan, the airline seeks to restructure 245 billion baht of debt through payment extensions, interest waivers, and debt-to-equity conversions.

The court on Friday postponed its hearing on the restructuring plan after creditors filed two complaints against it to allow planners and creditors to clarify the issues.

The court will make its decision on the restructuring plan on June 15.

THAI's acting president Chansin Treenuchagron said on Friday if the court accepts the plan, it will kickstart the airline's restructuring process and the company will immediately call a meeting of the plan's administrators.

Five people have been appointed as plan administrators: Mr Chansin; the airline's independent director Piyasvasti Amranand; deputy finance permanent secretary Pornchai Teerawej; former energy minister, Siri Jirapongpan; and former director-general of the Department of Legal Execution, Kraisorn Baramee-auychai. The airline is confident the plan would set it back on track.

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