Mr. Chansin Treenuchagron, THAI Acting President, revealed that the proceedings for business reorganization of Thai Airways International Public Company Limited (THAI) on August, 17, 2020, went smoothly, showing positive signs. Only seven creditors represented by lawyers filed objections against THAI’s business reorganization. Meanwhile the major creditors have submitted a letter expressing their support for THAI’s business reorganization as well as no objection against the nominated planners, accounting for more than 50% of the debts.
The seven creditors had raised the objection against EY Corporate and Advisory Services as part of administering of THAI’s rehabilitation plan, citing “EY Corporate”’s lack of experience.
However, the Central Bankruptcy Court has required two additional dates for the completion of the proceedings, 20 and 25 August 2020.
Regarding the capital for rehab plan, THAI has been talking with many domestic financial institutions which are willing to provide financial aid if the creditors approve THAI’s rehabilitation plan. THAI reiterated the confidence of successful implementation of business reorganization plan.