On June 16th, Mr. Piyasvasti Amranand, Director and former Chief Restructuring Officer of Thai Airways International Public Company Limited, announced that the Central Bankruptcy Court has officially announced the exit of the company’s rehabilitation process.
This decision follows the completion of all four key conditions stipulated in the rehabilitation plan. These included: 1) registering an increase in the company’s capital to support financial restructuring, 2) implementing the rehabilitation plan without default, 3) achieving positive shareholder equity resulting from capital restructuring, and 4) the approval of a new board of directors by the extraordinary shareholders’ meeting on April 18, 2025. Following this, the company will proceed to seek regulatory approval to relist its shares on the Stock Exchange of Thailand, aiming for completion by early August 2025.
Over the past four years, the company has successfully executed crucial rehabilitation measures, including restructuring and resizing the organization for increased agility, expanding its flight network across regions, and upgrading aircraft and cabins. As for debt settlement within the rehabilitation framework, Thai Airways faced creditor claims exceeding 400 billion baht when rehabilitation was filed in May 2023. As of now, the company has a final obligation of about 189,578 million baht under the court-approved rehabilitation plan. By the first quarter of 2025, Thai Airways had repaid approximately 94,080 million baht, with about 95,498 million baht of obligations remaining, scheduled to be settled by 2036.
Mr. Chai Eamsiri, CEO of Thai Airways, expressed that the successful rehabilitation is a significant milestone reflecting the collective commitment, dedication, perseverance, and sacrifices made by all stakeholders, including creditors, shareholders, customers, partners, former and current employees alike. The current financial robustness and achievements during the rehabilitation process lay a strong foundation for future sustainable growth, encompassing business, social, and environmental dimensions.
