Thai Airways Gets Court Approval To Exit Bankruptcy

Thai Airways has received court approval to exit its business rehabilitation process, paving the way for a return to trading on the Stock Exchange of Thailand, Nikkei News reporter Apornrath Phoonphongphiphat reported.

Thai Airways entered bankruptcy in 2020, weighed down by the pandemic and intense competition from low-cost carriers. I Photo: Thai Airways Facebook

The Thai Central Bankruptcy Court approved the move as the flag carrier swung back to profitability after years of losses.

Thai Airways entered bankruptcy in 2020, weighed down by the pandemic and intense competition from low-cost carriers. It owed roughly 400 billion baht (about $12 billion) at the time.

Through restructuring and operational improvements, the airline says it has rehabilitated its business and now expects to pay off the remaining 95 billion baht ($3 billion) in debt by 2036.

The company aims to resume trading on Thailand’s stock exchange by August.