Thai Airways request for debt restructuring as part of bankruptcy proceedings was approved by a bankruptcy court on Monday.
Earlier this year, the national airline was seeking a 58.1 billion baht ($1.81 billion) loan from the government to help it through the coronavirus crisis. Thai officials told the airline to come up with a restructuring plan instead to avoid bankruptcy.
Thailands Central Bankruptcy Court approved a seven-member committee to come up with the restructuring plan.
According to Reuters, the airline needs to restructure 245 billion baht ($7.83 billion) worth of debt.
The airline says it will prepare a business reorganisation plan as soon as possible and propose the plan to the local court within the fourth quarter of thi…
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