BANGKOK, May 19 (TNA) – Thai Airways International Plc will
seek restructuring via a bankruptcy court after the Cabinet approved a rehabilitation
plan for the troubled state enterprise.
The Cabinet meeting chaired by Prime Minister Prayut
Chan-o-cha on Tuesday agreed to the plan proposed by the state enterprise
policy committee, paving the way for THAI to start restructuring process in the
court.
The national flag carrier which is majority owned by the
Finance Ministry has outstanding debt of about 92 billion baht. It has been hit by the COVID-19 pandemic
after all international flights have been banned.
Prayut said there were three options for THAI; receiving
help from the government, going bankrupt and restructuring. His government viewed the last option was the
best in the hope that THAI would be stronger under the rehabilitation plan.
The first option was to repeat past actions and would cost
taxpayers’ money which was not the right way especially considering the
COVID-19 crisis, he said.
Thai Airways International should be an organisation that
promotes the country’s reputation and generate income for Thai people, Prayut
said.
The government would report details of the restructuring
steps after the ruling by the court, said the Prime Minister.(TNA)
