Kudun & Partners appointed to represent the largest group of creditors with total debenture debt of THB 46 billion in Thai Airways’ rehabilitation proceeding
published : 15 Sep 2020 at 10:59
Kudun and Partners has been officially appointed to represent a total of 87 savings co-operatives in their capacity as creditors of Thai Airways International Public Company Limited in Thailand’s largest-ever business rehabilitation proceeding to date.
Kudun Sukhumananda, partner, and Niruch Winiyakul, partner, recently led the first meeting involving the largest group of creditors in Thai Airways Public Company Limited (“THAI”) business rehabilitation proceeding to clarify the procedure of the case together with Police Lt. General Wiroj Satayasansakul, Chairman of Thailand’s Board of the Savings Co-operatives Community and Chairman of Thailand’s Office of the Savings Cooperative Community Office Ltd. of Nonthaburi Province.
THAI is carrying a total debt burden of approximately THB 350 billion, in which the debenture debt consists of approximately THB 74 billion (21% of the total debt). Together, the 87 savings co-operatives sum up to a total debenture debt of approximately THB 46 billion (62% of whole debenture debt), making it the largest group of creditors of Thai Airways’ rehabilitation, which could potentially give them the power to set the guidelines for Thai Airways’ rehabilitation.
The saving co-operatives consist of state-owned enterprises, universities, corporations and hospitals, including EGAT Saving and Credit Cooperative Limited, Kasetsart University Savings and Credit Cooperative Limited, Provincial Electricity Authority’s Employees Savings and Credit Cooperative Limited, Thammasat University Savings and Credit Cooperative Limited, Chulalongkorn University Savings Cooperative Limited and many more.