June 8, 2020 / 8:25 AM / a month ago

Thai Airways rehabilitation may take up to seven years, legal advisor says

FILE PHOTO: Thai Airways idle airplanes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok, Thailand May 25, 2020. REUTERS/Jorge Silva

BANGKOK (Reuters) - The rehabilitation of flag carrier Thai Airways International Pcl (THAI.BK) may take up to seven years, the airline’s legal advisor said on Monday.

After the bankruptcy court allows the rehabilitation, its planners may take five months to a year to draw up the plan, Kitipong Urapeepatanapong, told a news briefing. The rehabilitation timeframe would be five years, extendable for up to two years.

After courts approve the plan, an administrator will be appointed. Thai Airway’s first hearing is scheduled for August 17.

“The Thai Airways rehabilitation plan should conclude within 7 years, which can include debt to equity conversions, selling assets or an equity injection,” he said.

Reporting by Chayut Setboonsarng; Editing by Martin Petty

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