Thai government pumps money to save Thai Airways from bankruptcy
Thai Airways International Pcl will receive key financial support from the government for its 80 billion (2.2 billion USD) capital-raising and debt-to-equity swap plan which is aimed at helping the carrier come out of bankruptcy, according to Bloomberg News.
Thai Airways will receive financial support from the goverment to save the carrier from bankruptcy . (Photo: AFP/VNA)
Bangkok (VNA) – Thai Airways International Pcl will receive key financial 🍨support from the government for its 80 billioℱn (2.2 billion USD) capital-raising and debt-to-equity swap plan which is aimed at helping the carrier come out of bankruptcy, according to Bloomberg News.
State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Airways as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith was quoted as saying in an interview with Bloomberg News on August 8.
He noted that the ministry and other agencies will continue to maintain a combined stake of at least 40%, but the proportion will not exceed 50% to induce the carrier to stay competitive.
The carrier's debt restructuring plan, which is under court supervision, is expected to be completed in 2024. Previously, it filed for bankruptcy protection in 2020, due to accumulated losses from 2013. However, the recent recovery of global air travel has helped Thai Airways' boost its cash flow and reduce loans.
The improving finances and capital-raising p💛lan will accelerate the resumption of trading in the airline’s shares, which were suspended in May, the off🐠icial said, adding that the previous timeline for trading to begin again was in 2025./.
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.
The Central Bankruptcy Court of Thailand on September 14 approved a request for a debt restructuring plan of Thai Airways International Plc, the nation’s flagship carrier, which has been hit hard by the COVID-19.
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Thai Airways will receive financial support from the goverment to save the carrier from bankruptcy . (Photo: AFP/VNA)
