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Bloomberg
Thai Airways International Pcl, the nation’s flagship carrier, got court approval for its business restructuring on Monday.
The Central Bankruptcy Court decided that the airline can proceed with its business reorganisation plan, a crucial step forward for the embattled company, which has around 350 billion baht ($11 billion) of debt, according to Chansin Treenuchagron, its acting president.
The flagship carrier is facing one of its biggest challenges in its 60-year history as the pandemic hits the country’s tourism-dependent economy. The company’s shares jumped as much as 10.7%, the most since August 5. Shares of Nok Airlines Pcl, a budget carrier which Thai Airways holds a stake in, also rose.
The Covid-19 crisis has devastated the global travel industry, forcing airlines to suspend flights, lay off employees and seek financial help from governments and investors.