As Thai Airways International Public Company Limited (THAI) has filed the rehabilitation petition, and the Central Bankruptcy Court has issued an order to accept the rehabilitation of the company for consideration on May 27, 2020; and the Central Bankruptcy Court has issued an order for the company on September 14, 2020.
The Office of the Cabinet Secretary has later announced the appointment order of the planners by the official receiver in the Royal Thai Government Gazette on October 2, 2020, with a time limit of three months, by which the planners must submit a rehabilitation plan to the official receiver within January 2, 2021.
The planners then made a request to the Central Bankruptcy Court for an extension of the limit for submission of the rehabilitation plan, and the court granted approval for the time extension for the submission of the business rehabilitation plan until February 2, 2021.
THAI announced that on January 25, 2021, the planners made an additional request to the Central Bankruptcy Court for an extension of the limit for submission of the rehabilitation plan of one month from the previous deadline.
The company stated that it was due to a need to put together the comments and suggestions from several groups of creditors on the principle of the draft rehabilitation plan in order to prepare a complete and comprehensive rehabilitation plan to ensure that the rehabilitation plan will receive the approval of the creditors’ meeting.
Moreover, as the rehabilitation plan contains several important aspects, the production of the rehabilitation plan is therefore highly important and requires thorough consideration from the relevant persons and all interested parties. The Central Bankruptcy Court has considered and issued a further order approving the extension of the submission period of the rehabilitation plan to March 2, 2021, which is the last extension of time as permitted by law.
Following on from this, the official receiver will hold a creditors’ meeting to consider the rehabilitation plan, the Central Bankruptcy Court will issue an order approving the plan and appointing plan administrators. THAI stated that it will then proceed with the rehabilitation plan and communicate the progress of the rehabilitation including any other further developments.