Asia Business Channel

Thailand bankruptcy court grants Thai Airways petition to reorganize its business

 

Thailand’s Central Bankruptcy Court granted Thai Airways International, the country’s flagship airline, its business reorganization petition and appointed the planners as nominated by THAI.

In the next step, the planners will prepare the business reorganization plan as soon as possible and it is expected that THAI will propose the business reorganization plan to the Court within the fourth quarter of this year.

Subsequently, the official receiver will call a creditors’ meeting to consider THAI’s business reorganization plan early next year, and the Court will issue an order approving the plan and appoint the plan administrator within the first quarter of 2021. After that, THAI will proceed to implement the business reorganization plan.

With regard to the creditors, the Legal Execution Department will inform the creditors of the Court’s order. In order to ensure that the creditors will not lose their rights to receive a debt repayment, the creditors must file the application for debt repayment to the official receiver, the Legal Execution Department, within one month from the date that the appointment of the planners is published in the Government Gazette.

At present, as the Court granted the business reorganization petition and appointed the planners, the creditors can file the application for debt repayment online until one month after the Court’s order is published in the Government Gazette expires.

According to a media report, THAI and its Legal Execution Department have cooperated and used their best endeavors to assist and facilitate the creditors with the filing of the application for debt repayment. In this regard, the creditors can register to apply for debt repayment online at home or using a QR code.

Alternatively, if any creditor is unable to apply for debt repayment online, such creditor may bring the documents to apply for debt repayment at the service points offered by various organisations to facilitate the creditors which are the four organizations, including THAI’s Head Office; Legal Execution Department; Security and Exchange Commission (SEC) (for debentures); and the Federation of Savings and Credit Cooperatives of Thailand (for debentures purchased by group of cooperatives).

THAI will organize officers and official receivers to assist all creditors in every step of the process at THAI Head Office. The service began on September 23rd and the period for filing applications for debt repayment expires at the beginning of November.

 

 

 

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