Thai Airways loses state enterprise status after stake sell-off
Thai Airways International (THAI) has lost its state enterprise status after the Vayupak 1 Fund bought a 3.17 percent stake from the Finance Ministry of Thailand.
A Thai Airways International plane leaves Suvarnabhumi airport. (Bangkok Post file photo)
Bangkok (VNA)- Thai Airways International (THAI) has lost its state enterprise status afterthe Vayupak 1 Fund bought a 3.17 percent stake from the Finance Ministry of Thailand.
The stake purchasewas undertaken at a price of four THB per share, a source at the fund said. The purchasecut the Finance Ministry's holding in the national carrier to 48 pertcent,immediately stripping the carrier of its state enterprise status.
The Vayupak 1 Fundhas the status of a juristic person, not a state enterprise, even though it wasestablished by a 2003 cabinet resolution, said the source.
A source at theFinance Ministry said the airline will now submit its application to theCentral Bankruptcy Court for rehabilitation under the bankruptcy law, with THAIproposing itself as the rehab planner.
That process needs tobe done as soon as possible, otherwise creditors may submit themselves to thecourt as planners, said the source. Meanwhile, theFinance and Transport ministries will jointly set up a "superboard,"a new panel to monitor the rehabilitation plan for the carrier.
The board will bechaired by Deputy Prime Minister Wissanu Krea-ngam, who oversees thegovernment's legal affairs.
Onceamong the state-owned enterprises gaining profits in Thailand, THAI now hasoutstanding debts worth 200 billion THB (6.2 billion USD), 30 percent of whichis domestically owned. The nationalflag carrier reported a net loss of 2.11 billion THB in 2017, and this figureincreased to 11.6 billion THB in 2018 and 12 billion THB in 2019. Due to theimpact of the COVID-19 pandemic, THAI has been forced to cease operationsuntil the end of May./.
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A Thai Airways International plane leaves Suvarnabhumi airport. (Bangkok Post file photo) 
