Thai Airways will file for bankruptcy
Thailand's flag carrier Thai Airways International will file a plan for restructuring its business with the Central Bankruptcy Court, a government spokeswoman said on Monday.
Narumon Pinyosinwat said the plan submitted by the State Enterprise Policy Office to salvage the airline will be submitted Tuesday to for Cabinet approval. She said she had no details of the plan.
Thai Airways had been suffering financially even before the coronavirus crisis brought travel and tourism in the country to a near standstill.
The airline initially sought a 54 billion baht ($1.7 billion) bailout loan from the government. There is speculation that its reorganization under bankruptcy could take the government's ownership share below 50%, effecting a form of privatisation. All rescue options were lik...