As tourism improves, Thai Airways hopes to complete its reorganization by 2024
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- 01:49 05/07/2022
DNHN - Thai Airways also said that it plans to start trading on the stock market again in 2025.
Thai Airways International said on Friday 1st July that it plans to finish reorganizing its capital through a debt-to-equity swap by 2024. The move comes after travel restrictions were eased, which made its operations run more smoothly.
The company has given the government an updated turnaround plan, and if the court gives the go-ahead, it will meet with creditors in August or September to get their approval.
With this plan, all of Thai Airways' main debt to the Thai government, which is its biggest creditor, and some of its main debt to financial institutions will be turned into shares. Through this process, the airline should get 80 billion baht (2.26 billion USD) in capital, which will make up for its lack of capital.
Thai Airways also said that it plans to start trading on the stock market again in 2025.
As travel picked up around the world, the airline's average number of passengers per day increased sixfold from January to June, when it was around 12,600.
The numbers are getting close to what they were before the pandemic, and Thai Airways is on track to get back on its feet faster than planned, according to Piyasvasti Amranand, the manager of the airline's recovery plan, who spoke to reporters on Friday.
In May of 2020, Thai Airways filed for bankruptcy. Its first plan to turn things around was approved by the court in June 2021. It has a five-year term, but it can be extended for another two years.
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