19 May 2021
The Planner of Thai Airways International Public Company Limited submitted the Rehabilitation Plan to the Official Receiver on 2 March 2021. The Official Receiver had since ordered the postponement of the creditors’ meeting for consideration of the plan as requested by some of the creditors present at the meeting on 12 May 2021. The Official Receiver has set 9.00 a.m. today (19 May 2021) as the appointment of the creditors’ meeting via electronic means (e-Meeting).
Nearly all of the creditors who hold majority voting rights attended the e-meeting held today for consideration of THAI's Rehabilitation Plan. The Official Receiver determined that the amount allowed under the voting rights in the creditors' meeting would be approximately 140 billion. Furthermore, the creditors' meeting reached the resolution according to section 90/46 of the Bankruptcy Act B.E. 2483 (1940). Among the creditors who attended the meeting and casted votes today, those who hold 91.56 percent of the total debt accepted the Rehabilitation Plan that the Planner submitted to the Official Receiver on 2 March 2021 and as per 3 plan amendment petitions, which were proposed by the Planner and 2 other creditors, i.e. Bangkok Bank Public Company Limited and the Federation of Savings and Credit Cooperatives of Thailand Limited.
According to the resolution of the creditors' meeting with regard to the acceptance of the Rehabilitation Plan and the above-mentioned plan amendment petitions, the following Plan Administrators have been proposed:
1. Mr. Piyasvasti Amranand
2. Mr. Pornchai Thiravet
3. Mr. Siri Jirapongphan
4. Mr. Kraisorn Barameeauychai
5. Mr. Chansin Treenuchagron
In this regard, the Central Bankruptcy Court has scheduled the hearing to consider the Plan on 28 May 2021. THAI will continue to update on the progress of THAI's business reorganization accordingly. THAI would like to thank all creditors for the acceptance of and the confidence they have shown in THAI's Rehabilitation Plan. The opportunity that the creditors provided to THAI would enable THAI to continually operate the business under the business reorganization process in order to maintain as an organization that can compete in the market. The business operation of THAI as the national flag carrier will be the pride of Thailand and Thai people as it would support in driving the economy and tourism industry of Thailand henceforth.
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