Thai Airways receives court approval to commence restructuring plan

Thai Airways received (16-Jun-2021) approval from Thailand's Central Bankruptcy Court (CBC) to commence a restructuring plan (Reuters/Bloomberg/Nikkei Asia/The Thaiger/Bernama, 15-Jun-2021). The carrier stated: "The plan administrators and all employees are committed to performing their duties for a successful implementation of the plan and for the utmost benefit of all creditors". The CBC made no changes to the proposed plan, which was approved by creditors in May-2021. As previously reported by CAPA, the restructuring will include raising THB50 billion (USD1.6 billion) in fresh capital and reducing the carrier's workforce by 13,000 to 15,000 employees by 2022. [more - original PR]