Thailand plans to go to bankruptcy court with Thai Airways rehab plan - officialReuters | Bangkok | Updated: 18-05-2020 10:59 IST | Created: 18-05-2020 10:42 IST
Thailand plans to go to the bankruptcy court to submit a rehabilitation plan for its national carrier, Thai Airways International Pcl, rather than go ahead with a previously planned rescue, a senior official said on Monday. "The State-Enterprise Planning Office agreed in principle for the rehabilitation of Thai Airways in court... the procedure will be submitted to cabinet tomorrow," government spokeswoman Narumon Pinyosinwat told Reuters.
The procedure replaces a previous rescue plan, which involves the airline seeking a 58.1 billion baht loan guaranteed by the government. "It is similar to filing Chapter 11 in the United States," she said, adding that details of the rehabilitation plan have not been discussed.