Creditors approve Thai Airways restructuring plan

Thai Airways International (THAI)’s restructuring plan was approved by creditors yesterday (Wednesday), holding 91.56% of the carrier’s combined debts.

The airline’s creditors, who met via video conference, after the postponement of the meeting on May 12th, also approved the appointment of five administrators, former THAI President Piyasvasti Amranand, Acting THAI President Chansin Treenuchagron, Pornchai Thiravet of Finance Ministry, Former Energy Minister Siri Jirapongphan and Bangkok Bank’s Executive Vice President Kraisorn Barameeauychai.

In a statement, issued after the meeting, THAI thanked its creditors for having faith in the airline and approving its restructuring plan which, it said, will offer an opportunity for the airline to carry on doing business, enable it to maintain its competitiveness in the market and reboot Thailand’s tourism industry and the economy.

The Central Bankruptcy Court has scheduled a hearing for May 28th, to review THAI’s restricting plan.

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