Thai low-cost carrier Nok Air has gained the green light from creditors to restructure under a business rehabilitation process.
In a 4 August stock exchange filing, the embattled carrier says a majority — at nearly 77% — of its creditors voted to accept its rehabilitation plan, following a creditors’ meeting held on the same day.
The move paves the way for a court hearing on 26 August, where the Thai Central Bankruptcy Court will consider the airline’s restructuring plan.
Nok submitted its rehabilitation plan to the court in May, after securing two one-month extensions allowable. It filed for business rehabilitation a year ago, after acknowledging the “adverse operating environment” during the coronavirus pandemic.
It said last July that the rehabilitation process would “facilitate effective and meaningful turnaround of business for all the company’s stakeholders through the legal framework”.
Cirium fleets data indicates Nok to have an in-service fleet of 10 aircraft, comprising seven Boeing 737-800s and three De Havilland Canada Dash 8-400s. Another 12 aircraft remain in storage.