Creditors of Thai Airways International (THAI) approved, by majority vote on Friday, the two additional rehabilitation plan administrators proposed by the Finance Ministry.
They are Panya Chupanich, director of the Office of Transport and Traffic Policy and Planning of the Transport Ministry, and Polchak Nimwatana, deputy director of the State Enterprise Policy Committee of the Finance Ministry, according to Piyasvasti Amranand, chairman of the Business Rehabilitation Plan Executive Committee.
The creditors also approved a debt to equity swap, aimed at wiping out THAI’s 60 billion baht accumulated debt, and a reduction in the par value of THAI shares to 2.5452 baht. Creditors will be issued new shares at that value.
Piyasvasti said that the outcomes of the creditors’ meeting will be forwarded to the Central Bankruptcy Court for consideration on December 12th.
He also said that, if the court approves of the results of the creditors’ meeting, the number of the rehabilitation plan administrators will be increased from three to five, by the inclusion of the two proposed by the Finance Ministry.
The THAI labour union has, however, voiced concern over the Finance Ministry’s representation on the planning committee, reasoning that the post-rehabilitation airline should be more independent and free of political domination. The union blames THAI’s accumulated losses on political interference in its operations.
