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Although THAI’s reform plan will be implemented and exercised through the business reorganization chapter under the bankruptcy law, THAI will not be dissolved or go into liquidation or to be declared bankrupt.
Mr. Chakkrit Parapuntakul, Second Vice Chairman and Acting President, Thai Airways International Public Company Limited (THAI), said the Thai Cabinet approved the reform plan for THAI which will be implemented through the business reorganization chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act. In the meantime, THAI is able to operate flights and run its business as usual.
Although THAI’s reform plan will be implemented and exercised through the business reorganization chapter under the bankruptcy law, THAI will not be dissolved or go into liquidation or to be declared bankrupt. On the contrary, the business reorganization chapter will enable THAI to reach its reform plan’s objectives even more effectively step by step as required by the law which provides equitable protection to all relevant stakeholders while THAI will be able to conduct its normal business operations including passenger and cargo transportation. The business will be conducted in parallel with the reform plan to increase operational efficiency and improve product and service quality.
THAI is committed to do everything possible to emerge from the crisis situation. This is an important step for THAI to change in order to become a stronger and more sustainable entity. THAI expressed its gratitude to all concerned in every sector of the economy, shareholders, partners, alliance, customers and in particular all THAI passengers for their continued support and confidence in the airline. THAI will resume full operations once the Covid-19 situation subsides.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
