Thai Airways will resort to the country’sBankruptcy Act to enter a sweeping “rehabilitation” plan following the government’s refusal to extend a bailout package to the trouble’s flag-carrier.
In a statement issued to media, the Star Alliance member – whose domestic and international flights remaingrounded by the coronavirus pandemic said theThai Cabinet had approved a reform plan “which will be implemented through the business re-organization chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act.”
However, it stressed the airlinenot “be dissolved or go into liquidation or to be declared bankrupt,” but would instead“enable Thai to reach its reform plan’s objectives even more effectively step b…
Read the full article at: https://www.executivetraveller.com/news/thai-airways-bankruptcy