Thai Airways finally got court approval to restructure its ailing business operations. The Central Bankruptcy Court endorsed the proposal, which is backed by most creditors, including main backer Thailand’s Ministry of Finance.
Its plans include halving its workforce, sell off real estate assets and secure about THB50 billion in new capital. Overall, it plans to restructure more than $5 billion of debt. It needs to secure new loans as soon as possible as operating revenue can’t cover the operating costs, said CFO Chai Eamsiri.
