Following its April 2025 petition, Thai Airways International Public Company (THAI) has officially exited its court-supervised business rehabilitation programme after a June 16 ruling by Thailand’s Central Bankruptcy Court. The decision marks the end of a four-year restructuring journey for the Star Alliance member, which was forced into rehabilitation in 2020 due to pandemic-induced losses.
Reflecting on the ruling, Piyasvasti Amranand, THAI board member and former chief of the rehabilitation plan administrators, underscored the scale of the turnaround.
“It has been over four years since Thai Airways entered the business rehabilitation process. Before rehabilitation, our equity was a staggering negative 140 billion baht (US$4.29 billion). Today, it stands at a positive 55 billion baht, a clear demonstration of a true organisational recovery,” he stated in a news report published in The Nation.
The airline’s successful petition to the court follows strong financial performance and full compliance with all four conditions set forth in its restructuring plan. These include registered capital increase, implementation of the recovery plan without default, achieving a 12-month EBITDA of 40.3 billion baht – excluding aircraft lease expenses – well above the 20 billion baht target, and the appointment of a new board of directors on April 18.
The company’s shareholders’ equity has turned positive – rebounding to 55.2 billion baht as of March 31, 2025, from a negative 127.2 billion baht at the end of 2020.
The exit sets the stage for THAI to resume trading on the Stock Exchange of Thailand, with regulatory approvals expected to be completed by early August.
According to THAI chief executive officer Chai Eamsiri, the successful turnaround reflects the “commitment, sacrifice, and collaboration” of all stakeholders – creditors, shareholders, customers, partners, and staff alike.
He added: “The company’s current financial strength, as well as the developments that the company has made through the rehabilitation process, will be a good foundation for building on the success to create sustainable growth in terms of business, society, and the environment in the future.”
From a debt burden exceeding 400 billion baht, the airline now has a remaining repayment obligation of 95.5 billion baht through 2036.
Roughly 94.1 billion baht has already been repaid under final court orders as of 1Q2025.
