The Central Bankruptcy Court set the last day for the examination of the business rehabilitation petition of Thai Airways International Public Company Limited (THAI). The objectors presented their witnesses to testify before the Court and the Court set the date for the hearing of the order on the business rehabilitation petition and appointment of nominated planners on 14 September 2020 at 10.00 hrs.
Mr. Chansin Treenuchagron, THAI’s Director and Acting President, revealed that today (25 August 2020), is the last day of examination of the business rehabilitation petition by the Central Bankruptcy Court. THAI’s lawyer conducted the cross-examination of the objectors’ witnesses before the Court.
Objector No.11, Data Products Toppan Form Co., Ltd., presented its witnesses to testify before the Court. Overall, the proceedings of petition examination today went smoothly with good prospects. Once the proceedings related to the examination is completed and the Court issues an order for business reorganization as well as appoints the planners nominated by THAI, the Legal Execution Department will notify all creditors regarding the process of registration for filing an application for repayment of debt.
All creditors can proceed with the filing by themselves at home via electronic means or bring the documents to THAI, Head Office at Vibhavadi Rangsit Road, so that THAI and the official receiver can assist and facilitate the creditors with the filing of the application for debt repayment via electronic means. THAI will provide the particulars of the date, time, and location in due course. The creditors must file the application for debt repayment within one month after the order for business reorganization is granted, and the appointment of planners is published in the Government Gazette.
However, to avoid any confusion caused by the presentation of news by certain media outlets relating to the debt repayment application, Mr. Treenuchagron clarified that, with regard to the customers who purchased their tickets directly with THAI and have requested a refund, THAI’s policy is to facilitate and preserve the rights to refund for all refund customers to the best of its ability. The nominated planners have already discussed the inclusion of a specification of conditions or details relating to such matters in the business reorganization plan as this would eliminate the need for any time-consuming process and prevent customers from incurring any expenses from filing the claim with the official receiver.
Mr. Treenuchagron reiterated that currently THAI has launched remedial measures to assist customers who have applied for a refund to the best of its ability for the utmost benefits of the customers. Customers can keep their tickets for future travels with THAI or THAI Smile until 31 December 2021 or request a refund in the form of travel voucher, which can be used as cash to issue new tickets with THAI or THAI Smile until 31 December 2022. The travel voucher can also be used to issue a new ticket under the name of other passengers with evidence provided. Mr. Treenuchagron further stated that customers who have already requested a refund but would like to change it to a travel voucher can contact THAI via Call Center.
For THAI ticket holders who have issued their tickets with THAI directly and have not travelled or requested a refund (Unused ticket), Mr. Treenuchagron clarified that such ticket holders are not the creditors who can apply for debt repayment, since the ticket holders are able to use their tickets when THAI resumes its normal business operation and provides full flight services.
Mr. Treenuchagron affirmed that the ticket holders can be ensured that they are entitled to use their tickets under the business reorganization proceedings, and they are not required to submit the application for debt repayment. However, THAI is pleased to offer benefits to unused ticket holders, where the ticket holders may keep their tickets to be used with THAI or THAI Smile until 31 December 2021, or request a travel voucher which can be used as cash to issue new tickets with THAI or THAI Smile until 31 December 2022. The ticket holders can proceed with their preferred options by themselves on thaiairways.com website. Mr. Treenuchagron repeated that THAI is committed to provide flight services to all ticket holders and there is no need to be concerned whether their tickets remain valid or not.
Moreover, if the Court issues an order for business reorganization and appointment of the planners nominated by THAI, the company will be able to invite all classes of creditors to a preliminary information session on the draft business reorganization plan so that the creditors can be updated on the progress of the execution of the business reorganization plan and share their opinions.
On behalf of THAI, Mr. Treenuchagron would like to ensure all creditors that the sooner the Court issues the order on THAI’s business reorganization and the nominated planners, the more beneficial it will be for all creditors, since THAI can start resolving its financial crisis without delay. All creditors and customers of THAI can rest assured that THAI is prepared to fulfill its commitments and will do its best for the benefits of all parties.