On 19 May 2021, Thai Airways creditors approved the rehabilitation plan at an adjourned online creditors meeting.
According to THAI's SET Notice, creditors holding over 91% of debt attending the meeting and voting approved the plan, including three amendments proposed by the planner, Bangkok Bank and the Federation of Savings and Credit Cooperatives of Thailand Limited
On 28 May, the Central Bankruptcy Court set a hearing date on 15 June to consider the plan and two objections raised by creditors.
The plan, as approved by creditors, appears to be more of a standstill arrangement with creditors deferring repayment in the hope that THAI's business can be revived and no hard decisions implemented to repair the balance sheet.
THAI faces the prospect of delisting from the SET if it is unable to fix its balance sheet insolvency within three years.
It is also unclear how THAI will fund the cash required to effectively restart the business.
Thai Airways says court hearing on business restructuring moved to mid-June
May 2021
© PELEN 2021
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