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Image source, EPA
For almost a month, the Central Bankruptcy Court began investigating Thai Airways International Plc’s petition for rehabilitation. For the first time on August 17 and two additional hearings on August 21 and 25. August respectively because some debtors oppose the rehabilitation plan. Thai Airways confirmed that Most creditors agree to the plan.
On September 14, he must appear in the Central Bankruptcy Court to make an appointment to read Thai Airways’ commercial rehabilitation order and appoint a group of planners if the court agrees to the plan. This will be the starting point for a formal business rehabilitation process to manage the debt crisis. Worth more than 3,320 million baht (information as of June 2020)
BBC Thai racked up a series of controversies related to THAI’s request for rehabilitation nearly 30 days after the Central Bankruptcy Court began an investigation into the request.
Retail debtors oppose the plan. Out of disbelief YES.Consultant make a plan
If it is considered in proportion to the debt There are only 15 creditors who oppose the plan, which represents about 1-2% of the debt. Chansin Treinuchakorn, Acting Chairman of Thai Airways International Plc., Revealed that most of the debtors were around 100, including the Ministry of Finance. It represented 50% of the debt amount, according to Thai Airways’ second quarter 2020 financial statements, agreed with the rehabilitation plan.
Image source, Watchiranont Thongtep / BBC Thai
Mr. Chansil Tinnuchakorn
However, the main issues that the small challenged creditors have stated in court are reliability, qualification, competence, The experience and compensation offered by Thai Airways is EY Corporate Advisory Services Company Limited.
On this subject, the Acting President of Thai Airways International Plc. He confirmed that EY was a reliable map company. It is an affiliate company of EY Corporate Services Company Limited, one of BIG4 or one of the top four global service providers with reputations in auditing and finance. And network offices around the world And said the investigation of the petition The past is quiet and promising.
Image source, fake images
Originally, there were 16 creditors who opposed the plan, consisting of at least 10 small creditors, the Vajira Hospital Savings Cooperative and Dhipaya Life Assurance Public Company Limited, as well as ticket payers who have yet to receive refunds. But later, at the second hearing on August 21, Dhipaya Life Assurance Plc. He has withdrawn the objection.
What happens if a request is made to rehabilitate Thai Airways and establish a team of planners?
Since the company’s representative filed a petition with the Central Bankruptcy Court on May 26, the hope that the national airline will be heard is an order to approve the rehabilitation plan and appoint a plan administrator to implement the plan of rehabilitation
The next step is that the Department of Legal Enforcement will notify all creditors about the registration process for the presentation of the debt payment. Creditors will be able to process online. Or take the documents to Thai Airways International Plc head office. Vibhavadi Rangsit Road So Thai Airways and the Law Enforcement Department will assist and make it easier for creditors to submit debt repayment applications online. The creditor must file a request for repayment of the debt within 1 month of the commercial reorganization order and the appointment of the plan preparer published in the Government Gazette.
fake images
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28,030 million bahtNet loss (January 1 – June 30, 2020)
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336.5% increaseFrom the same period last year
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Total revenue40,493 million baht
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It decreased compared to the same period last year56.1%
Source: Thai Airways International Plc.
However, the plan is expected to take approximately one year, after which it will be the plan implementation process, to be completed within 5 years from the date of the court’s decision to approve the plan. But it cannot be extended more than 2 times, each time not more than 1 year
For the names of the preparers of the rehabilitation plan proposed by Thai Airways to the Central Bankruptcy Court, it is composed of EY Company together with 6 other directors of the company, namely General Chaiyapruek Disayasarin, Mr. Jakkrit Parapantakul. Mr. Peeraphan Saleratwipak, Mr. Boontuck Wangcharoen, Mr. Piyasawat Amranant and Mr. Chansilp Tinnuchakorn
Flight ticket return problem
This is a problem that Thai Airways customers have no fewer headaches. But from the Thai Airways explanation there are two groups to address the issue of ticketing to customers:
1. The group that has already reimbursed the fee (Refund) has two options: if you want a refund, you may have to wait and see the conditions of the plan preparer. They have discussed the terms and details of this part in the rehab plan. Or if the customer wants to make use of the right to keep the ticket to travel with Thai Airways or Thai Smile until December 31, 2021 or exchange it for a Travel Voucher, which can be used instead of cash when issuing the ticket. Thai Airways or Thai Smile until December 31, 2022
Image source, EPA
2. Group that has the ticket But has not traveled and has not yet processed the ticket refund. The right to keep the ticket to travel with Thai Airways and Thai Smile until the end of 2021 or it can be exchanged for a Travel Voucher that will be used instead of cash when issuing tickets for both airlines until the end of 2022.
Tomorrow’s (September 14) reading of the order of the Central Bankruptcy Court will take place from 10:00 hours.
