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Thai Airways International’s restructuring plan approved

The Thai Cabinet on May 19 approved a plan to restructure Thai Airways International (THAI) following the Transport Ministry's proposal that it must undergo rehabilitation under the Bankruptcy Act.
Thai Airways International’s restructuring plan approved ảnh 1A Thai Airways plane model (Source: AFP)

Bangkok (VNA) – The Thai Cabinet on May 19 approved a plan torestructure Thai Airways International (THAI) following the TransportMinistry's proposal that it must undergo rehabilitation under the BankruptcyAct.

Prime Minister PrayutChan-o-cha said that the Government supports THAI’s efforts to continueoperating, but refused to give details of the rehab plan.

"The Governmenthas reviewed all dimensions. We have decided to petition for restructuring andnot let Thai Airways go bankrupt. The airline will continue to operate," hetold reporters at a news briefing.

The Cabinet hasreportedly approved a plan by the Finance Ministry, which is the majorshareholder in THAI, to sell 3 percent of its shares in the carrier to thesecond largest shareholder, the Vayupak Fund.

The ministry currentlyholds 51.03 percent of THAI shares, while the Vayupak Fund owns around 15 percent,and the Government Savings Bank (GSB) holds around 2.1 percent.

Once among thestate-owned enterprises gaining profits in Thailand, THAI is now in debt ofnearly 300 billion THB (nearly 10 billion USD). The national flag carrierreported a net loss of 2.11 billion THB in 2017, and this figure increased to11.6 billion THB in 2018 and 12 billion THB in 2019. Due to the impact of theCOVID-19 pandemic, THAI has been forced to cease operations until the end ofMay./.
VNA
#Thai Cabinet#Thai Airways International#THAI#COVID-19#Bankruptcy Act#Prime Minister Prayut Chan-o-cha#restructuring plan#Vietnam#Vietnamplus#Vietnam News Agency
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