Thai Airways has secured a second and final extension for submission of its rehabilitation plan to the Central Bankruptcy Court. The new deadline is 2 March 2021. (THAI - final deadline)
Work on the rehabilitation plan has not prevented THAI selling some non-core assets. THAI has announced that it has completed the sale of a 15.5% stake in Bangkok Aviation Fuel Services (BAFS) to Ratch Group for Bt 2.7 billion (US$90 million). THAI retains at 7.06% stake in BAFS.
The Central Bankruptcy Court approved the sale on 3 December 2020 with completion on 19 January 2021. BAFS is no longer an affiliate of THAI. (THAI sells BAFS)
Ratch Group is 45% owned by EGAT, the Thai government electricity generating authority, so the sale is somewhat of a shuffle amongst government related entities.
The treatment of creditors under the draft rehabilitation plan remains unclear.
January 2021
© PELEN 2021
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