26 May, 2020
Thai Airways International (THAI) filed for bankruptcy at the Central Bankruptcy Court on Tuesday morning as Prime Minister Prayut Chan-o-cha formed a panel to monitor the flag carrier's financial rehabilitation.
Media reported that legal affairs staff of the national airline filed documents related to its request for bankruptcy proceedings at the court on Chaeng Watthana Road. The filing came after the cabinet's resolution on May 19 that the debt-stricken airline should undergo restructuring under the supervision of the court so that it could stay in business.
The government expected the court to approve the request.
The filing for bankruptcy followed the appointment of four new board members of the airline.
THAI lost its state enterprise status after the Finance Ministry sold off a 3.17% stake in the national carrier to the Vayupak 1 Fund last Friday. The company has outstanding debts worth 200 billion baht, 30% of which are owed domestically.
