Melburnian1
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This is part of a syndicated article from 'The Australian' of 14 September 2020:
'A Thai court has approved the restructuring of Thai Airways, which is billions of dollars in debt and struggling to survive the coronavirus tourism crash.
The global aviation sector was plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they haemorrhaged cash.
The kingdom, once a majority shareholder in Thai, reduced its stake in May and went to the insolvency court to resolve the airline’s debt -- which totalled 332.2 billion baht ($US10.6 billion) by the end of June, according to local media.
“The problem that caused debtor’s financial situation is not from its business but from the rapid change in aviation, particularly the impact from COVID-19,” Bangkok’s Central Bankruptcy Court said.
It approved Thai’s request for a rehabilitation plan, which would see its debt and company organisation restructured...'
'A Thai court has approved the restructuring of Thai Airways, which is billions of dollars in debt and struggling to survive the coronavirus tourism crash.
The global aviation sector was plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they haemorrhaged cash.
The kingdom, once a majority shareholder in Thai, reduced its stake in May and went to the insolvency court to resolve the airline’s debt -- which totalled 332.2 billion baht ($US10.6 billion) by the end of June, according to local media.
“The problem that caused debtor’s financial situation is not from its business but from the rapid change in aviation, particularly the impact from COVID-19,” Bangkok’s Central Bankruptcy Court said.
It approved Thai’s request for a rehabilitation plan, which would see its debt and company organisation restructured...'
