BANGKOK, May 18 (TNA) — The State Enterprise Policy Commission resolved that Thai Airways International (THAI) will carry out the rehabilitation process and the cabinet will tomorrow consider relevant procedures.
The SEPC chaired by Prime Minister Prayut Chan-o-cha met this morning to discuss THAI problems and concluded the issue in one hour.
Government spokesperson Narumon Pinyosinwat said afterwards that the commission resolved unanimously that THAI would be rehabilitated in compliance with the bankruptcy law and details of the matter would be available after the cabinet’s meeting tomorrow.
Prime Minister Prayut confirmed the resolution but declined to say if the shareholders’ equity would be reduced or not.
“Please distinguish between the bankruptcy and the rehabilitation plan. They are different matters. Please wait for the cabinet’s meeting tomorrow. I do not want to make an early comment because I cannot do so,” Prime Minister Prayut said.
There will be a press conference on THAI’s future after the cabinet’s meeting for clear information for investors because THAI was listed on the Stock Exchange of Thailand.
An executor of a rehabilitation plan for THAI will be appointed to negotiate with its creditors. The airline will be scaled down and its fleet will shrink to suit its flight routes in the next few years.
In the morning Deputy Transport Minister Thaworn Senneam said that the cabinet would consider a rehabilitation plan for THAI tomorrow because THAI was due to repay its debts from late this month onwards and THAI would have to quickly discuss its debts with its creditors at the Central Bankruptcy Court. (TNA)
