Aircraft and carriers. Court approves Thai Airways restructuring
Bankruptcy was filed in May
Today, on Monday September 14, 2020, bankruptcy court of Thailand decided to give its green light to the corporate restructuring of Thai Airways airline. Already last May, economic difficulties of Asian company were discovered, the first in the whole continent to file for bankruptcy following the crisis triggered by the coronavirus. Plan for restart can now be presented and Thai judges appointed seven advisors to supervise the important document.
According to some rumors, restructuring should be completed by the end of 2020, although official confirmation is expected in this regard. Before the approval of the plan by same court, bankruptcy trustee will be in charge of contacts with creditors, pending the appointment of new director of Thai Airways, scheduled for 2021. Going into more detail of the financial problems of this carrier, it can be remembered that in May the debt was equal to 300 billion baht (8 billion euros to be precise), while the losses in 2019 had already been substantial (320 million euros).
AVIONEWS - World Aeronautical Press Agency