Thai Airways receives court greenlight for debt restructuring

Thursday, April 25, 2024 - 19:23:58

Thai Airways receives court greenlight for debt restructuring hinh anh 1

Thai Airways plane (Source: AFP/VNA)

Bangkok (VNA) – The Central Bankruptcy Court of Thailand on September 14 approved a request for a debt restructuring plan of Thai Airways International Plc, the nation’s flagship carrier, which has been hit hard by the COVID-19.

Thai Airways reduced its stake in May and went to the insolvency court to resolve its debt, which totalled 332.2 billion (10.6 billion USD) by the end of June, according to local media.

The carrier, which reported a loss of nearly 900 million USD in the first quarter of this year, is seeking a loan worth around 1.78 billion USD in the short term to operate and pay for its employees.

It is expected to submit the debt restructuring plan by the end of this year.

The global aviation sector has plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they hemorrhaged cash./.

VNA

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