Thai Airways International has formally sought to exit its business rehabilitation process, claiming to have met various criteria during the carrier’s restructuring.
Chief executive Chai Eamsiri, in a 28 April notification, said administrators had submitted a petition to the Central Bankruptcy Court referring to the “successful implementation” of the rehabilitation plan, and requesting “termination” of the process.
The court had approved an amended rehabilitation plan in October 2022, stipulating – alongside the airline’s capital restructuring – a number of conditions which needed to be satisfied before the company could exit.
Eamsiri says the company completed registration of a capital increase in December 2022, in order to accommodate the capital restructuring.
He adds that, since the court’s approval of the plan, the company has been implementing it “without any default”.
Thai has also met a condition for financial performance which required EBITDA of no less than Bt20 billion ($605 million) for the 12-month period prior to submitting the court request.
Shareholders’ equity under the full-year 2024 financial statement amounts to just under Bt45.5 billion.
The company has also appointed new directors to the company and completed registration of the changes with the ministry of commerce on 22 April.
Eamsiri says the carrier will inform on any “significant progress” regarding the request for termination of rehabilitation.
