Thai Airways receives court greenlight for debt restructuring
The Central Bankruptcy Court of Thailand on September 14 approved a request for a debt restructuring plan of Thai Airways International Plc, the nation’s flagship carrier, which has been hit hard by the COVID-19.
Bangkok (VNA) – The Central Bankruptcy Court of Thailand onSeptember 14 approved a request for a debt restructuring plan of Thai AirwaysInternational Plc, the nation’s flagship carrier, which has been hit hard bythe COVID-19.
Thai Airways reduced its stake in May and went to theinsolvency court to resolve its debt, which totalled 332.2 billion (10.6 billion USD) by the end of June, according to local media.
The carrier, which reported a loss of nearly 900 million USDin the first quarter of this year, is seeking a loan worth around 1.78 billionUSD in the short term to operate and pay for its employees.
It is expected to submit the debt restructuring plan by theend of this year.
The global aviation sector has plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they hemorrhaged cash./.
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Thai Airways plane (Source: AFP/VNA) 
