Bangkok: The Central Bankruptcy Court has scheduled a hearing on Thai Airways’ request to withdraw from its rehabilitation plan on June 16, after more than five years in the process. The airline has successfully achieved its 4-point plan, boosting its accumulated cash flow to over 128 billion baht, and is preparing to return to trading on the stock market this July.
According to Thai News Agency, Mr. Piyasvasti Amranand, Chairman of the rehabilitation plan executive committee of Thai Airways International Public Company Limited, revealed that the Central Bankruptcy Court has scheduled a hearing for Thai Airways’ petition, following a submission to terminate the business rehabilitation on April 28, 2025. The court spent approximately one hour deliberating before scheduling the final decision for June 16. If approved, Thai Airways will convene a meeting of its new 11-member board to select a chairman and appoint an audit committee, as part of the process to resume trading shares on the Stock Exchange per SEC regulations, with an expected trading resumption in July.
Thai Airways entered the rehabilitation process over five years ago, during which it accumulated cash reserves exceeding 128 billion baht. The airline had previously faced continuous losses, amounting to 66 billion baht before the rehabilitation.
The petition to terminate the rehabilitation plan aligns with the successful completion of four critical actions: First, the company registered an increase in its registered capital on December 14, 2022, with the Department of Business Development, Ministry of Commerce, to support capital restructuring outlined in Section 5.6 of the rehabilitation plan. Second, the company has implemented the rehabilitation plan without any defaults since its approval by the Central Bankruptcy Court.
Thirdly, Thai Airways reported earnings before interest, taxes, depreciation, and amortization (EBITDA) from operations, after deducting cash reserves under aircraft leases, of not less than 20,000 million baht over the 12 months preceding the petition filing. The company also reported positive shareholders’ equity of 45,495 million baht according to its audited separate financial statements for the year ending December 31, 2024.
Lastly, new directors were appointed following capital restructuring, as per the rehabilitation plan, during the Extraordinary General Meeting of Shareholders No. 1/2025 on April 18, 2025. The company registered these changes with the Department of Business Development, Ministry of Commerce, on April 22, 2025.