Timetable set for TG to settle debts

BANGKOK 15 September 2020: Thailand’s Central Bankruptcy Court has ratified THAI’s Business Reorganisation Petition and appointed the planners nominated to execute the airline rehabilitation.

Thai Airway International  director and acting president Chansin identified the recovery planners:  

  • Air Chief Marshal Chaiyapruk Didyasarin
  • Chakkrit Parapuntakul
  • Pirapan Salirathavibhaga
  • Boontuck Wungcharoen
  • Piyasvasti Amranand
  • Chansin Treenuchagron
  • EY Corporate Advisory Services Co Ltd.

Timetable

They are now legally obligated to prepare the business reorganisation plan and present it to the court during the fourth quarter of this year.

The official receiver will call a creditors’ meeting to consider THAI’s business reorganisation plan in early 2021. The court will issue an order to approve the plan and appoint the plan administrator within the first quarter of 2021. THAI will then proceed to implement the approved business reorganisation plan.

Creditors

The  Legal Execution Department will inform creditors of the court’s order and safeguard creditors’ rights.

Creditors must file the application for debt repayment to the official receiver, the Legal Execution Department, within one month from the date that the appointment of the planners is published in the Government Gazette.

Now that the court has approved the business reorganisation petition and appointed the planners, creditors can file applications for debt repayment online for one month after the court’s order as published in the Government Gazette expires.

The Legal Execution Department would cooperate to facilitate the creditors with the filing of the application for debt repayment. In this regard, the creditors can register to apply for debt repayment online by themselves at home via http://www.led.go.th/tgreorg/index.asp

Alternatively, if a creditor is unable to apply for debt repayment online, they can deliver documents to the service points offered by various organisations.

(1) THAI Head Office at Vibhavadi Rangsit Road, Building 1, 1st Floor;
(2) Legal Execution Department at Bang Khun Non Road, the Legal Execution Offices nationwide, Forefront Bankruptcy Execution Center (The Government Complex, Chaengwattana Road, Building A, 1st Floor);
(3) Security and Exchange Commission (SEC) (for debentures);
(4) the Federation of Savings and Credit Cooperatives of Thailand at Nakhon In Road (for debentures purchased by a group of cooperatives).

The service will commence 23 September at the airline’s Building 1 until the period for filing applications expires in early November. If a creditor has questions relating to filing the application for debt repayment, they can find information relating to supporting documents and submission guidelines at the Legal Execution Department’s website: www.led.go.th and THAI’s website: www.thaiairways.comor call 02 881 4999 (Legal Execution Department) or 02 356 1111 ext. 8 (THAI’s call centre).  

Creditors of monetary debt must show that the cause of debt arose prior to the date that the Central Bankruptcy Court issued the order for THAI’s business reorganisation,  irrespective of whether the debt is due or not.

Proof of debt

In case of debts arising from ticket refund, the supporting documents are, namely, a copy of passenger ticket, a copy of the document showing evidence of payment, and a copy of the document confirming a request for a ticket refund.

In case of trade debt, the supporting documents are, namely, a copy of contract or agreement, a copy of purchase order, a copy of the document showing delivery of goods or provision of services in accordance with the contract, and a copy of the invoice.

Customers who have applied for ticket refund are considered creditors of monetary debts and are entitled to apply for debt repayment. However, the planners will prepare an inclusive business reorganisation plan which supports the right of the customers who have applied for a ticket refund before the order of the business reorganisation was granted.

THAI has affirmed it will take care of customers in the period that it was temporarily unable to process a refund. For customers who have applied for a ticket refund, but would like to remain THAI customers, you may also exchange the refund for a travel voucher which is valid until 31 December 2022. The travel voucher can be used instead of cash to issue tickets with THAI or THAI Smile according to their flight schedules.

 Contact THAI Call Center at 02 356 1111 or contact@service.thaiairways.com.

For customers holding unused tickets and have not applied for a refund, you are not required to submit the application for debt repayment. The customers are eligible to use their tickets when THAI resumes its business operation and provides full flight services. Such customers are neither required to apply for debt repayment nor proceed with any legal actions. The customers may keep their unused tickets to travel with THAI or THAI Smile, or exchange into travel vouchers. Further details can be found at www.thaiairways.com.

Members of Royal Orchid Plus (ROP) are not considered the creditors of monetary debt and therefore are not required to apply for debt repayment in the business reorganisation process. ROP members are still entitled to enjoy their member privileges. Member status will remain unchanged, and THAI will extend the validity of the miles expiring at the end of this year to December 2021.

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