Published 18 May 2020
Thai Airways International is a step closer to restructuring via a bankruptcy court after a key government panel backed the plan, which is due for consideration by the Cabinet on Tuesday.
The State Enterprise Policy Committee that oversees policies for state-run enterprises agreed that the airline should seek such a rehabilitation, government spokeswoman Narumon Pinyosinwat told reporters on Monday.
Governments worldwide have devoted more than $85 billion to propping up airlines after the coronavirus pandemic wiped out travel demand and grounded fleets.
Thailand’s borders are restricted under a state of emergency through May and most inbound international flights are banned until the end of June, though some domestic flights have restarted.
Thai Airways, majority owned by the Finance Ministry, has outstanding debt of about 92 billion baht of which approximately 78% is owed to bond investors, according to data compiled by Bloomberg. ( Air Live News )
