BANGKOK, 17 September 2021: Nok Air confirmed in a statement to the Stock Exchange of Thailand on Wednesday the outcome of a Central Bankruptcy Court hearing on the airline’s proposed Rehabilitation Plan.
Following clarifications from the officially appointed Planners, creditors and the Official Receiver, the court concluded there was sufficient clarity on the issues to schedule the next hearing on 29 September. The next Court hearing will include the full reading of the rehabilitation plan order.
If the plan is approved by the Court, Nok Air will implement the rehabilitation process according to the approved plan.
Proceedings date back to 4 November 2020 when the Central Bankruptcy Court issued an order for Nok Airlines Public Company Limited to go ahead with rehabilitation and appointed the Planners as proposed by the company.
Subsequently, the airline’s proposed business rehabilitation plan and its amendment were accepted by the creditors’ meeting on 4 August 2021. The airline filed for bankruptcy protection under the country’s Bankruptcy Court initially in July 2020.
Nok Air closed the financial year 2020, reporting heavy losses blamed in part on the extended Covid-19 lockdown in Thailand. According to local business media reports, liabilities exceed assets by Bt16.2 billion, and a capital deficiency stands at around Bt8 billion.