Creditors of Thai Airways approve reorganization plan

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BANGKOK (AP) — Thai Airways International has announced in a filing to the Stock Exchange of Thailand that creditors holding 91.56% of the airline’s debt have approved the company’s reorganization plan. It now needs final approval by Thailand’s Central Bankruptcy Court on May 28. The carrier has generated losses for several consecutive years. Losses skyrocketed to 141.1 billion baht ($4.5 billion) in 2020 because of the COVID-19 pandemic, which saw the airline cease virtually all operations for an extended period. The restructuring plan pegs the company’s total debt at 410 billion baht ($13.4 billion).

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