The Central Bankruptcy Court has started sending out notices to all Thai Airways creditors, including passengers and Royal Orchid Plus members, this week.
The notice informs ticket holders and loyalty program members about the airline’s filing for bankruptcy rehabilitation and provides them with the opportunity to object the petition to the court.
According to a statement from Thai Airways, the letter is part of the pre-debt rehabilitation phase.
The airline insisted that ticket holders who want a refund do not need to file a petition with the Central Bankruptcy Court.
The quick reaction to the court-issued notice by Thai Airways is an attempt to convince customers that the rehabilitation plan will work. The statement read:
“The company is committed to safeguarding the benefits and retaining the privileges for our customers as soon as [Thai Airways] can resume operations under the rehabilitation plan.”
However, customers and ticket holders have expressed frustration that they may not receive refunds for at least six months.
So far, the airline has offered options, including travel postponements without extra charge, travel vouchers, and ticket validity extensions.
A copy of the notice is shown below with an English translation underneath:
The notice reads:
To the Registrar of Partnerships and Companies/Official Receiver/Creditors.
Thai Airways International Public Company Limited, the Debtor, filed a petition for business reorganization to the Central Bankruptcy Court, stating that the Debtor has become insolvent or is unable to pay its debtstand and is indebted to one or more creditors in a definite amount not less than 10 million baht.
As there is a reasonable cause and prospect for the reorganization of the Debtor’s business pursuant to Section 90/3 of the Bankruptcy Act, B.E. 2483 (1940), the Debtor requests that a business reorganization order be issued pursuant to Section 90/10 of the Bankruptcy Act, B.E. 2483 (1940).
The Corut’s order accepting the petition was issued on May 27th, 2020, and the first inquiry date is scheduled to be held on August 17th, 2020, at 9 am. Creditors or stakeholders shall be informed of the details.
If any creditor intends to object to the petition in any aspect, the creditor may submit an objection not less than three days prior to the appointed date of the first inquiry. Otherwise, it shall be deemed that no objections have been made.
A copy of the petition can be examined at the Case Collection Unit of the Central Bankruptcy Court.