Thread by @MayWongCNA

#Thailanf Court approves rehabilitation plan for @ThaiAirways. THAI, once a national carrier, has been suffering from losses for last 7 years. It has total liabilities of some US$10.6 billion. Rehabilitation can take some 7 yrs to accomplish. Retrenchment, deep pay cuts expected

https://twitter.com/business/status/1305352490637045760

#Thailand court considered 4 factors in approving @ThaiAirways rehabilitation plan. These include court believing airlines has ability, resources & is committed to execute plan. It also approved panel of 7 including its acting president & EY corporate advisory to carry out plan

*#Thailand misspelt. In 1st half of this year, @ThaiAirways saw a loss of US$900 million. Been in the red with losses coming from factors like #COVID19, unprofessional management of staff, inefficiently employed fleet, flying non-profitable routes. Acting president in glasses

@ThaiAirways lost its state enterprise status in May after #Thailand government reduced its 51% stake to 48% to let court handle the debt-ridden airline. Earlier this month, government panel also found many irregularities like alleged corruption in several areas.

@ThaiAirways has released a statement post-court decision approving of its rehabilitation plan. It says it'll submit its business reorganization plan to #Thailand court within this Q4. Airline will likely be able to proceed to execute plan in Q1 next year
facebook.com/54142361929720…

For those interested in the English version of @ThaiAirways statement regarding the latest #Thailand court approval of airline's rehabilitation plan 👇 #ThaiAirways #การบินไทย

https://twitter.com/ThaiAirways/status/1305419161204674561?s=19