International creditors can file their claim in the Thai Bankruptcy court and will be treated as a normal creditor (albeit probably not fairly). Debenture holders are normally not secured. Regardless, if debenture holders are in fact Thai credit unions you can assume the government will not want to hurt their voting base. We now hear that Thai Airways will now not lot lodge a Chapter 11 application in the USA (mainly because they cant and it would be no use anyway). Whilst Thai Airways does not fly into the US, the big question will be what happens to flights into Europe? Once Thai planes land in Europe their is no legal cover and leasing companies can impound planes as they did about a decade ago in Germany. This will be an ugly fight! 

4 hours ago, hioctane said:

 

Bankruptcy does not equal belly up. They are still in business. There are many levels of bankruptcy. This level just pauses the debt so they can restructure the business in hopes of turning a profit again. 

True - they are still in business, but the individuals waiting for a refund will just have to wait longer.  The same problem exists for other airlines and governments (in Europe and USA as well) will need to set rules that payments for future flights will need to be put into an escrow account and can't be mingled with operating funds (similar to professional services like lawyers etc).  

15 hours ago, hioctane said:

 

Bankruptcy does not equal belly up. They are still in business. There are many levels of bankruptcy. This level just pauses the debt so they can restructure the business in hopes of turning a profit again. 

But that means they have to fundamentally change the way they operate, and I do mean fundamentally.

Almost every aspect has to be overhauled, and people of influence kept well away !

Over the last 10 years that's not been happening, and with the same people holding the shares I don't see anything changing.

Just more debt piling up!

So who will be in charge of the "new" Thai Air. Different but Same Same?

https://www.thaipbsworld.com/proposed-rehabilitation-of-thai-will-expose-a-pandoras-box-of-corruption/

 

Proposed rehabilitation of THAI will expose a Pandora’s Box of corruption

June 4, 2020

Former international crime prosecutor, Mr. Wanchai Roujanavong, has likened the proposed rehabilitation of Thai Airways International to the opening of a Pandora’s Box, which will expose extensive corruption in the ailing national flag carrier which has hitherto been hidden from the public.