In a major milestone for its recovery, THAI Airways International (THAI) has formally exited its court-supervised business rehabilitation.
In a major milestone for its recovery, THAI Airways International (THAI) has formally exited its court-supervised business rehabilitation.
THAI's exit from its rehabilitation follows the decision by the Thailand Central Bankruptcy Court's decision to end the company's restructuring program which the airline first entered in 2020. Following the announcement of the decision, THAI is now seeking to get re-listed on the Stock Exchange of Thailand (SET).
After facing years of losses, THAI reported a profit from its operation in every quarter since 2023. Since its filing for the rehabilitation process in May 2020, the national airline of Thailand has reduced its debt from THB 400 billion (~USD $12.3 billion) to around THB 190 (~USD $5.84 billion). Under direction of the court, the debt would be paid over the next decade.
In a statement, Piyasvasti Amranand, Director and former Chairman of the Executive Committee of the Business Rehabilitation Plan and Director of THAI said: “Over the past 4 years, the Company has successfully implemented important measures in accordance with the business rehabilitation plan in various aspects, such as adjusting the organizational structure and size to be more suitable for agility, expanding the flight route network to cover various regions and industries.”
THAI currently operates flights to over 60 destinations with a fleet of around 77 aircraft.
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