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THAI rehabilitation ruling on Sept 14

admin photos 2020-08-25 18:12:35 277 0
THAI rehabilitation ruling on Sept 14 Thai Airways passengers planes parked at Suvarnabhumi airport in Samut Prakan province. The Central Bankruptcy Court will rule on Sept 14 if the airline should be rehabilitated. (Photo: Wichan Charoenkiatpakul)

The Central Bankruptcy Court will rule on Sept 14 on the petition filed by Thai Airways International (THAI) for rehabilitation.

The hearing on the debt-ridden airline's petition for rehabilitation concluded on Tuesday.

Sixteen creditors of the airline opposed rehabilitation. The court dismissed objections from some creditors on Tuesday.

The hearing ended with the closing testimony of a witness for an opposing creditor. 

The court ordered THAI and the creditors that objected to its rehabilitation to submit their written closing statements within seven days.

The court scheduled its ruling on whether THAI should be rehabilitated for 10am on Sept 14.

THAI's total outstanding debt is currently about 244.9 billion baht. Most creditors are financial institutions and aircraft leasing firms.

Last month, the flag-carrier announced a huge fall in passenger numbers, with only 3.5 million passengers carried in the first five months of the year.

The airline's load factor, which was about 78% in the same period last year, tumbled to 69%.

The passenger figures were taken before THAI suspended all its international and domestic flights in early May due to the Covid-19 pandemic. The airline had been operating in the red for many years before that.

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