THAI picks new board members, Piyasvasti returns

THAI picks new board members, Piyasvasti returns

Former Thai Airways International (THAI) president Piyasvasti Amranand, widely recognised for his past success in leading the national flag carrier to recoup losses and begin making profits again, is among the four new directors of THAI's board.

While entering its rehabilitation programme, the debt-ridden airline yesterday submitted to the Stock Exchange of Thailand a letter with a list of its four new board directors.

Mr Piyasvasti replaces Sirikul Laukaikul, Pirapan Salirathavibhaga replaces Pitipan Tepartimargorn, Boontuck Wungcharoen replaces Pinit Puapan and Pailin Chuchottaworn replaces Pratana Mongkolkul, said the letter.

Mr Pirapan, a former justice minister, is a legal expert, Mr Boontuck is a former CEO of TMB Bank, and Mr Pailin is a former CEO and president of PTT Plc.

THAI lost its state enterprise status after the Finance Ministry sold off a 3.17% stake in the national carrier to the Vayupak 1 Fund on Friday. The company has outstanding debts worth 200 billion baht, 30% of which is owed domestically.

Last Tuesday, the cabinet decided that debt-ridden THAI should file for bankruptcy.

THAI has been ordered to hire financial and legal consultants to advise on its bankruptcy law rehabilitation, Transport Minister Saksayam Chidchob said last week.

The minister has given THAI until Tuesday to submit essential documents to accompany the filing. They include balance sheets detailing assets and debts owed to creditors in Thailand and overseas, and repayment deadlines.

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