Beleaguered Thai Airways International today (Tuesday) filed a bankruptcy protection petition with the Central Bankruptcy Court in Bangkok.

The move followed the Finance Ministry’s sale of 3% of its shares in the national flag carrier, to the Vayuphak Fund last week, to reduce its stake to 49% and end the airline’s state enterprise status.

Mr. Praphas Kong-iad, director of the State Enterprise Policy Office, said today that, since THAI is no longer a state enterprise, the right to oversee the operations, performance and rehabilitation of the airline now rests with the board and the management.

The Central Bankruptcy Court is yet to decide whether to accept the petition.

The THAI board on Monday appointed four replacement directors. They are Mr. Phiraphan Saleerathvipark, Mr. Boonthuk Wangcharoentaen, Mr. Pairin Chuchotethavorn and Mr. Piyasawat Amranan.

It was reported today that the four replacements, and Mr. Piyasawat, who is a former chief executive officer THAI in particular, have been welcomed by the airline’s staff, with some of them planning to present him with a bouquet of flowers when the new board holds its first meeting.

Prime Minister Prayut Chan-o-cha has appointed an eight-member committee to monitor the rehabilitation process.

Led by Deputy Prime Minister Wissanu Krea-ngarm, the committee comprises former finance minister Apisak Tantiworawong, Finance Permanent Secretary Prasong Poonthanet, Transport Permanent Secretary Chaiwat Thongkhamkoon, Office of Transport and Traffic Policy and Planning Director Hayatham Promsorn, Justice Permanent Secretary Visit Visitsora-ath, Council of State Secretary-General Pakorn Nilapraphan, Securities Exchange Commission Secretary-General Ms. Ruenrudee Suwanmongkol and Mr. Praphas Kong-iad, director of the Office of State Enterprise Policy Committee.

The committee will represent the Government when monitoring the airline’s rehabilitation.

The appointment of the committee became effective on Monday.