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InfoQuest

Rehabilitation plan for Thai Airways to be submitted to cabinet

May 19, 2020


Abstract : The Ministry of Finance and the Ministry of Transport unanimously approved the plan to rehabilitate the national carrier Thai Airways.

InfoQuest (May 18, 2020) -- Government spokeswoman Narumon Pinyosinwat said after a State Enterprise Policy Committee (SEPC) meeting chaired by Prime Minister and Defense Minister Prayut Chan-o-cha to review the rehabilitation plan for Thai Airways (THAI), at the meeting, the Ministry of Finance and the Ministry of Transport unanimously approved the plan to rehabilitate the national carrier, which will be submitted to the cabinet on May 19. The plan called for adjustments of the airline's operations and debt structures, and whether the airline will withdraw from the state-owned enterprise mechanism is pending a cabinet decision.

Guidelines for the Ministry of Finance to guarantee loans were not included in the plan. But stressing a rehabilitation plan does not equal to filing bankruptcy, the prime minister has called for explanations to the public.

As for the capital increase plan after the rehabilitation process is launched, the SEPC must submit the plan to the court, which will consider which items to be approved. The plan could come from several sources, including creditors. Anyway, the cabinet will review all the details on May 19.

Source: InfoQuest, by Tanit Tongnok / Rachada / Saowalak, translated by Xinhua Silk Road

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