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THAI expects bankruptcy court to approve rehab plan

A correction has been submitted after the struggling carrier’s strong recovery from Covid-19. Creditors oppose its rehabilitation strategy. Chai said the company’s recovery should take two years. He predicts the company will outperform last year. THAI predicts 4.5 million travelers this year. Chai believes passenger volume would rise if China and Japan reopen this year. The Finance Ministry’s firm shares will drop from 44% to 33% when the proposal is implemented. July 2022 domestic traffic reached 87% of July 2019’s level. Chai says the measure will end the company’s status as a state organization.
Thai Airways International’s updated restoration plan is expected to be approved (THAI). IATA reports that July traffic was up 60% from last year. Chai Eamsiri, the airline’s interim CFO and senior executive, said the company will restructure its debt if the request is granted. Chai said this will reduce the company’s political influence. The revised plan gives creditors greater firm ownership than states. “THAI wants to be financially stable so it can recapitalize as needed.” Lessening this power will help the board govern the airline. Domestic traffic rose 4.1% year-over-year in July.

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