28 May 2021
Following the creditors' meeting in the rehabilitation proceedings of THAI which was arranged via electronic means (e-Meeting) on 19 May 2021, the creditors' meeting reached the resolution according to section 90/46 of the Bankruptcy Act B.E. 2483 (1940), where those who hold 91.56 percent of the total debts 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 two other creditors.
Today (28 May 2021) the Central Bankruptcy Court (the "Court") set the hearing to consider the Rehabilitation Plan where two objection petitions against the Rehabilitation Plan were accepted for further consideration. The Court allowed the Planner and creditors to clarify the relevant issues within the specified period and scheduled 15 June 2021 for the hearing of reading the order on the Rehabilitation Plan.
In this regard, THAI shall proceed to implement the Rehabilitation Plan after the Court has approved the plan. The repayment of debts that incurred prior to the Court’s rehabilitation order, for which the creditors have filed applications, will be restructured in accordance with the plan. Cash flow and asset management will be partially subject to conditions in the plan. In addition, the Court's order with regard to the approval of the plan will empower the Plan Administrators whose names were proposed according to the Rehabilitation Plan and the plan amendments, i.e. Mr. Piyasvasti Amranand, Mr. Pornchai Thiravet, Mr. Siri Jirapongphan, Mr. Kraisorn Barameeauychai, and Mr. Chansin Treenuchagron, to be the authorized persons to operate THAI's business and implement the plan.
THAI believes that the Plan Administrators will perform their duties for the utmost benefit of all creditors, and creditors and customers can be confident that THAI will resume its usual operation and services as it has the business plan to resume flight services as soon as the COVID-19 situation improves. THAI also believes that THAI will be able to reorganize its business in order to become the national flag carrier that can sustainably regain profits.
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