Thai Airways creditors yesterday morning, May 19th, has officially voted to approve the company’s rehabilitation plan, to be submitted to the bankruptcy court by May 28th.
Upon approval, the creditors’ committee was formed to monitor the administrators’ procedures of a rehabilitation plan, including considering and approving a business plan, budget, manpower plan, capital expenditure plan, etc. The Legal Execution Department would also submit the plan to the Central Bankruptcy Court for revision by next Friday.
Thai Airways stated after the meeting that five members were selected to the creditors’ committee, including acting Chief Executive Officer Chansin Treenuchagron and former CEO Piyasvasti Amranand.
To help regain its profitability and pay off many debts as planned, Thai Airways has to receive new funding or credit for millions of baht, following the court’s approval. The first multi-million baht loans are reportedly supported by the government or any government sector.
The remaining multi-million baht loans are supported by the private sector. The condition of the new loan is not more than 6 years, with the first annual repayment accountable from the 3rd year of its first withdrawal.
The airline further stated: “The creditors’ approval gives Thai Airways an opportunity to proceed forward with its business. It will also allow the airline to maintain its competitiveness in the aviation business.”
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