Thailand's flagship carrier will be restructured with the help of a bankruptcy court, making it the latest airline to succumb to pressure from the coronavirus pandemic.
Thai Airways announced Tuesday that the government has approved its proposal for a sweeping restructuring plan to be overseen by the country's Central Bankruptcy Court. The plan is intended to prevent the company from being dissolved, forced into liquidation or formally declared bankrupt.The Ministry of Finance and state-run Government Savings Bank own a majority stake in the carrier.
Thai Prime Minister Prayut Chan-o-cha said at a press conference Tuesday that his cabinet weighed several options for the country's beleaguered airline, including liquidation.It ultimately decided against a sale because that could have caused"more than 20,000 staff to lose their jobs," said Prayut. The airline had more than 21,000 employees at the end of last year."Thailand, and the whole world, are facing a crisis.
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