THAI restructuring plan meeting delayed

BANGKOK, 17 May 2021: Thailand’s Bankruptcy Court has rescheduled the date for a crucial creditors’ meeting that will settle a rehabilitation plan deciding the future of Thai Airways International.

Initially scheduled for 12 May, the meeting will now take place a week later, 19 May, via an electronic e-Meeting channel.

The airline’s press statement said 20 creditors who hold the total debt amount in accordance with Section 90/47 of the Bankruptcy Act requested for the meeting postponement prompting the official receiver to order the postponement of the creditors’ meeting. The creditors are scheduled to cast votes for or against the Rehabilitation Plan at the next meeting.

The postponement came just days after the government reiterated its intention not to step in and reinvest in the airline, a move that would have reinstated the airline once more as a state enterprise.

In the meantime, the airline’s relaunch of commercial services remains on hold despite the flow of internal communications to flight crews that suggested it would be back flying as early as July. There are some semi-commercial flights scheduled mainly for repatriation and business travel purposes but the return of a commercial flight timetable is still in the pipeline.

The national airline filed for so-called Chapter 11 protection under Thailand’s bankruptcy court last year in a move to restructure and settle with its creditors under safe-haven rules that would allow it to continue to operate commercially. However, the Covid-19 pandemic virtually closed airline operations with the exception of repatriation flights while non-airline activities have continued.