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Growing calls for Thai Airways to file for bankruptcy
Thai Airways’ future would be better served if it officially filed for bankruptcy protection, says a former Thai finance minister.
Korn Chatikavanich says the bankruptcy process gives the airline protection to undergo real, effective restructuring.
The government has agreed an emergency bailout and THB50 billion loan to the airline but this should only be available under bankruptcy protection, Korn says.
With administrators handling its restructuring, the airline could renegotiate aircraft leases and other debts.
Some cabinet ministers also back a rescue plan for Thai Airways that should start by declaring bankruptcy first.
Current finance minister Uttama Savanayana has said filing for bankruptcy is an option for the airline.
The cabinet would ultimately decide whether bankruptcy protection is the best way forward.
"The Prime Minister says the airline should go for rehabilitation. We also have the Covid-19 situation. I think it is the only path. Everyone has to take a step back so that we can move forward," said Deputy Prime Minister Anutin Charnvirakul.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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