Thai court to decide on Thai Airways restructuring request in September

 

FILE PHOTO: Empty lines are seen at Thai Airways counters in Suvarnabhumi Airport in Bangkok, Thailand April 30, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand’s bankruptcy court will hand down its decision regarding Thai Airways International Pcl’s <THAI.BK> request for restructuring on Sept. 14, the airline said on Tuesday.

 

The court held two additional hearings on Aug. 20 and Aug. 25 when minor creditors opposed the carrier's restructuring request.

 

Thai Airways submitted its petition for bankruptcy protection in May and received a stay on its debt.

 

"On the whole today's hearing went well and the prospects are good," Thai Airways acting president, Chansin Treenuchagron, said in a statement.

 

In September, the court is expected to approve or reject the airline’s request and appoint a committee that will oversee the restructuring plan.

 

Thai Airway’s executives and legal advisers previously said they were confident that court would approve its request due to agreement among major creditors.

 

(Reporting by Chayut Setboonsarng; editing by Jason Neely)

 

-- © Copyright Reuters 2020-08-25

 

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10 minutes ago, webfact said:

The court held two additional hearings on Aug. 20 and Aug. 25 when minor creditors opposed the carrier's restructuring request.

 

10 minutes ago, webfact said:

Thai Airway’s executives and legal advisers previously said they were confident that court would approve its request due to agreement among major creditors.

Stuff the little people then .. 

Jeez' if Thai Airways was a lame horse it would he have ended up in the glue factory years ago .. ( donkeys probably ) 

Well, here is a new interpretation and execution of bankruptcy - keep that in mind! 

Two additional hearings forced by minor creditors does not sound like a success path for Thai Airways. And there's no assurance that the airlines won't be back in court again afterwards. To me, THAI has been arrogant in its restructuring plans with little consideration for creditors large and small. And now comes the "hammer."

Just sell this dog to the highest bidder and let someone run it that knows what they are going and how to make money.  This airline is a disgrace.

20 hours ago, webfact said:

Thailand’s bankruptcy court will hand down its decision regarding Thai Airways International Pcl’s <THAI.BK> request for restructuring on Sept. 14, the airline said on Tuesday.

 

Knowing how Thai courts operate I would think we already know the outcome and who's favour it will be in.

 

22 hours ago, webfact said:

will hand down its decision regarding Thai Airways International Pcl’s <THAI.BK> request for restructuring

How about "de-structuring"?????