Thai Airways International Plc has officially submitted documents to file for bankruptcy at the Central Bankruptcy Court in Chaengwattana, Bangkok.
The move follows an announcement last week that the airline would file for bankruptcy reconstruction rather than receive a bailout from the Thai Government.
Since then, the airline has witnessed its shares plummet and has lost its status as a state enterprise after the Finance Ministry sold part of its stake to the Vayupak 1 Fund.
The documents were submitted this morning, Tuesday, May 26th, by the legal affairs staff of Thai Airways and requests that the airline should undergo bankruptcy reconstruction under the supervision of the court.
The Thai Government expects the court to accept the request and for proceedings to begin as quickly as possible.
The filing follows the appointment of four new board members to the airline including the former president, Piyasvasti Amranand, former PTT Exploration and Production President, Tevin Wongwanich, Pirapan Salirathavibhanga, and Boontuck Wungcharoen.
Thai Airways International Plc has outstanding debts totaling more than 200 billion baht with 30 percent of the debt owed domestically.
Source: Bangkok Post
