Central Bankruptcy Court grants THAI’s business reorganisation petition and appoints planners

TD Editor

Chansin Treenuchagron, director and acting president of Thai Airways International Public Company Limited (THAI), revealed that the Central Bankruptcy Court granted THAI’s business reorganisation petition and appointed the planners as nominated by THAI.

The planners nominated are ACM Chaiyapruk Didyasarin, Chakkrit Parapuntakul, Pirapan Salirathavibhaga, Boontuck Wungcharoen, Piyasvasti Amranand, Chansin Treenuchagron and EY Corporate Advisory Services.

In the next step, the planners will prepare the business reorganisation plan as soon as possible and it is expected that THAI will propose the business reorganisation plan to the Court within the fourth quarter of this year. Subsequently, the official receiver will call a creditors’ meeting to consider THAI’s business reorganisation plan around early 2021 and the Court will issue an order approving the plan and appoint the plan administrator within the first quarter of 2021. Then, THAI will proceed to implement the business reorganisation plan.

With regard to the creditors, the Legal Execution Department will inform the creditors of the Court’s order. In order to ensure that the creditors will not lose their rights to receive a debt repayment, the creditors must file the application for debt repayment to the official receiver, the Legal Execution Department, within one month from the date that the appointment of the planners is published in the Government Gazette.

At present, as the Court granted the business reorganization petition and appointed the planners, the creditors can file the application for debt repayment online until one month after the Court’s order is published in the Government Gazette expires.

Treenuchagron further stated that THAI and Legal Execution Department have cooperated and used their best endeavours to assist and facilitate the creditors with the filing of the application for debt repayment. In this regard, the creditors can register to apply for debt repayment online by themselves at home or using a QR code. Alternatively, if any creditor is unable to apply for debt repayment online, such creditor may bring the documents to apply for debt repayment at the service points offered by various organisations to facilitate the creditors which are the four organizations, including THAI Head Office; Legal Execution Department; Security and Exchange Commission (SEC) (for debentures); and the Federation of Savings and Credit Cooperatives of Thailand (for debentures purchased by group of cooperatives).

Treenuchagron added that THAI will organise officers and official receivers to assist all creditors in every step of the process at THAI Head Office. The service will commence on 23 September 2020 at the hall of Building 1 until the period for filing the application for debt repayment expires in the beginning of November during the office hours, excluding weekends and public holidays.

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