BANGKOK – Thailand’s Cabinet has approved reducing the government’s stake in financially troubled Thai Airways International to under 50% as part of a reorganization plan to be submitted to bankruptcy court.
The airline will lose its status as a state enterprise with the reduction in the 51% share held by the Finance Ministry. Thai Airways is carrying an estimated debt burden of almost 300 billion baht ($9.4 billion).
It ran up losses of 12 billion baht ($374.3 million) in 2019, 11.6 billion baht in 2018 and 2.11 billion baht in 2017. The Transport Ministry will submit a list of prospective business rehabilitation planners for Prime Minister Prayuth Chan-ocha to choose from, Saksayam announced at a press conference after the weekly Cabinet