Court Approves Thai Airways Restructuring, Share Price Takes Off

Thai Airways International Pcl’s request to restructure its debt as part of bankruptcy proceedings was approved by a bankruptcy court on Monday, sending its share price sharply higher, Reuters reported. The decision by the court, which handles bankruptcy and restructuring requests in Thailand, allows the airline to move ahead with drawing up plans to restructure 245 billion baht ($7.83 billion) worth of debt. It comes as the coronavirus fallout has added to the woes of the airline, which has been struggling since 2012 and in which the government has a large stake. Thai Airways shares rallied more than 7% after the news, bucking a fall in the wider stock market. “The court has ordered the restructuring,” Judge Kampol Roongrat said. “If the debtor is not restructured, it could cause damage to the company, creditors, employees, investors, the public and impact the national economy,” he said. Read more

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