THAI's Notification on the Resolution of the Creditors' Meeting

19 May 2021

 

Thai Airways International Public Company Limited's Planner 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 for the creditors’ meeting, conducted remotely.

 

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 a 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 three 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 regards to the acceptance of the Rehabilitation Plan and the plan amendment petitions as per above, 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 respect, 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 reorganisation 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 THAI with would enable the company to continuously operate under the business reorganisation process, in order to enable it to compete in the market. THAI's business operatio  as the national flag carrier, will be the pride of Thailand and the Thai people as it will continue to support in driving the economy and tourism industry of Thailand henceforth.