Thai Airways restructuring plan approvedChristian Fernsby ▼ | May 19, 2020
The Thai Cabinet on May 19 approved a plan to restructure Thai Airways International (THAI) following the Transport Ministry's proposal that it must undergo rehabilitation under the Bankruptcy Act.
Restructure Thai Airways
Topics: Thai Airways
"The Government has reviewed all dimensions. We have decided to petition for restructuring and not let Thai Airways go bankrupt. The airline will continue to operate," he told reporters at a news briefing.
The Cabinet has reportedly approved a plan by the Finance Ministry, which is the major shareholder in THAI, to sell 3 percent of its shares in the carrier to the second largest shareholder, the Vayupak Fund.
The ministry currently holds 51.03 percent of THAI shares, while the Vayupak Fund owns around 15 percent, and the Government Savings Bank (GSB) holds around 2.1 percent. ■