BANGKOK – Thailand’s Central Bankruptcy Court on Monday gave the go-ahead to financially ailing Thai Airways International to submit a business reorganization plan and appointed seven planners to oversee it.A press release from the airline said the plan should be submitted to the court by the end of the year.
Then, the company’s receiver will consult creditors for their input before the court approve’s the plan and appoints its administrator in early 2021.
The plan will then be implemented. Thai Airways International in May was carrying an estimated debt burden of almost 300 billion baht ($9.6 billion).