BANGKOK, 24 August 2020: Thailand’s Bankruptcy Court has scheduled a further one day hearing on Tuesday, 25 August to allow the opposition party to call witnesses to scrutinise the Thai Airways International’s proposed restructuring plan.
During the second day of the hearing, 20 August, the airline’s team called witnesses to testify on the proposed rehabilitation plan including statements by the auditor concerning the airline’s insolvency and measures to meet the demands of creditors.
According to the airline’s statement, the legal execution department will notify all creditors about the registration procedure for submitting a debt settlement request. Creditors must submit applications for repayment within one month from the business reorganisation order that will be published in the Royal Gazette.
Thai Airways reassured passengers that it would concur with a policy to fully facilitate and maintain the right of its customers to receive fare refunds.
If the court orders Thai Airways to rehabilitate the business and set up a plan that takes into the account the best interests of all creditors, the airline claimed it would resolve the financial situation quickly.