Thai Airways International has been granted a one month extension of the deadline to submit its rehabilitation plan which will outline how its business will be restructured.
The airline said in a Jan. 5 scholarship file that it planned to submit by Jan. 2, but on Dec. 28, its rehabilitation planner submitted a request to the central bankruptcy court for a one-month extension, what the court had granted.
The court previously approved Thai's pardon petition on September 14 and appointed seven airline-appointed pardon planners. The airline later said the next step after approval was to prepare a rehabilitation plan.
Under the new deadline, Thai must now submit its plans by February 4.
Since airlines first indicated they would restructure under the guise of corporate rehabilitation, market watchers and those involved in the process have warned of a protracted process linked to part of the restructuring of other airlines in the region.
In November, John Frangos, a partner at Tilleke & Gibbins law firm in Bangkok, told Cirium he expected Thai Airways plans to be ready in the first quarter of 2021, but added that "delays are possible."
Thai Airways said in its latest filing that it requested an extension as it would take more time to look at aspects such as "debt structure, capital structure and organizational structure" to ensure creditors are sufficiently satisfied. plan to give it a boost. .
“This is in addition to legal issues and contractual obligations with employees, business partners and debtors; as well as with regard to financial forecasts, debt repayment capacity and future business plans, ”he added.
"Therefore, the preparation of a rehabilitation plan is very important, requires detailed review [and] analysis to produce equitable results for all creditors, and discussions with creditors and all parties interested in the design. of the rehabilitation plan according to various principles to ensure receive the approval of the meeting of creditors. "
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