Thai Airways Flies Out of Rehabilitation, Board Meets for New Era

After four arduous years, the national carrier has successfully exited its court-supervised business rescue plan, paving the way for a return to profitability and the stock market

 

Thai Airways International Plc (THAI) has today, June 16, been formally discharged from its business rehabilitation plan by the Central Bankruptcy Court, marking a significant milestone in the airline’s recovery.

 

Following the court’s decision, the company wasted no time, convening its first board meeting this afternoon to elect a new chairman and strategise its return to the Stock Exchange of Thailand (SET), anticipated by July 2025.

 

The court’s verdict, delivered at 9:00 AM at the Central Bankruptcy Court, Ratchaburi Direkrit Building, Chaeng Watthana Road, acknowledged Thai Airways’ comprehensive success in meeting the terms of its rehabilitation.

 

Piyasvasti Amranand, Chairman of the Rehabilitation Plan Administrators, along with his team and airline executives, were present to hear the landmark ruling.

 

Speaking after the decision, Piyasvasti highlighted the remarkable transformation.

 



 


"It has been over four years since Thai Airways entered the business rehabilitation process," he stated. "Before rehabilitation, our equity was a staggering negative 140 billion baht. Today, it stands at a positive 55 billion baht, a clear demonstration of a true organisational recovery."


 

  

He added that the future direction of the airline now rests with the new Board of Directors, though the plan administrators have already outlined a comprehensive business and route expansion strategy.

 

Piyasvasti also extended his gratitude to the employees for their unwavering cooperation throughout the challenging period.

 

This afternoon’s crucial board meeting is set to address the immediate priority of appointing a new chairman. Other key agenda items include the formal transfer of assets from the plan administrators and discussions regarding the precise timeline for re-listing on the SET.

 



 

While the process involves specific steps and conditions, the airline initially projects resuming trading by late July or early August this year.

 

Despite the current subdued conditions in the Thai stock market compared to when Thai Airways previously offered a capital increase, the company is confident that its consistently strong operating results will reassure investors.

 

This optimism persists even as international tourist arrivals have not yet fully rebounded.

 

On the debt front, from an initial sum of over 400 billion baht owed to more than ten thousand creditors when the rehabilitation petition was filed in May 2020, Thai Airways’ current outstanding debt under the final court-approved plan stands at approximately 189.578 billion baht. 

  

The airline has been diligently repaying creditors who received final orders, having settled around 94.080 billion baht by the first quarter of 2025.

 

A remaining balance of approximately 95.498 billion baht is scheduled for repayment until 2036.

 



 

Chai Eamsiri, Chief Executive Officer of Thai Airways International Plc, further commented on the achievement, describing it as a "significant step reflecting the collective effort, determination, dedication, patience, and sacrifice of all stakeholders."

 

He emphasised that the airline’s current financial robustness and the progress made during rehabilitation will serve as a solid foundation for sustainable growth in its business, social, and environmental dimensions moving forward.

(2025/06/16-00:00)