Although THAI’s reform plan will be implemented and exercised through the business reorganization chapter under the bankruptcy law, THAI will not be dissolved or go into liquidation or to be declared bankrupt. On the contrary, the business reorganization chapter will enable THAI to reach its reform plan’s objectives even more effectively step by step as required by the law which provides equitable protection to all relevant stakeholders while THAI will be able to conduct its normal business operations including passenger and cargo transportation. The business will be conducted in parallel with the reform plan to increase operational efficiency and improve product and service quality.
THAI air tickets are still valid for travel and passengers holding those tickets are advised to contact THAI via website thaiairways.com or THAI contact Center at Tel: 02-3561111.
The cabinet on Tuesday resolved that cash-strapped Thai Airways International (THAI) would file for bankruptcy at the Central Bankruptcy Court in order to work out its rehabilitation plan.
Prime Minister Prayut Chan-o-cha said it was the best course to help the troubled airline back onto its feet. Under the rehabilitation plan, THAI would not receive financial assistance from the government and its 20,000-member staff would not be laid off.
“Today it is time to show the courage to undergo the rehabilitation process at the court. Today Thailand and countries worldwide face a crisis. Thailand must spend money to help people, farmers, SMEs, wage earners, self-employed people and those who work hard for their families,” he said.
According to the Stock Exchange of Thailand, THAI’s assets were recorded at 256 billion baht at the end of last year while its total debts stood at 245 billion baht.