The Stock Exchange of Thailand (SET) posted an SP sign against Nok Air (DD, Bangkok Don Mueang) on April 3 after the airline advised that its 2022 audited financial statements would be delayed. SP signals that the exchange has suspended trading of an entity's shares.

On March 31, Nok Air CEO Wutthiphum Jurangkool told the SET that the 2022 financial statements, due to be submitted that day, would be delayed until May 29. He said this was due to a change of auditor as well as the modification of ticketing software.

"As such, the company needs more time for carefully reviewing the account recording and information to ensure correctness," he said. Two business days later, the SET issued the SP sign, citing a "failure to submit the financial statements by the deadline specified by SET" as the reason.

Nok Air was able, however, to provide the stock exchange with an update on its business rehabilitation plan for the first quarter of 2023. The carrier had entered into a court supervised rehabilitation plan in the third quarter of 2021. In the last quarter, it has made payments of THB63,122,585 baht (USD1,866,215) and THB74,808,150 (USD2,211,200) to creditors, in line with previously agreed debt repayment schedules. Nonetheless, the filing noted that 98% of the debts incorporated into the rehabilitation plan remained unpaid.

But the filing said Nok Air's financial situation was improving as the "travelling situation" in Thailand recovers. "The company expects that overall business will recover, which will be a factor to support airline's business to return to normal," it added.

According to the ch-aviation PRO airlines module, Nok Air's fleet of fourteen B737-800s and two DHC-8-Q400s operate on 26 routes across Thailand, India, and China. Recently, ch-aviation has reported that Nok Air is seeking funding of THB600 million (USD17.6 million) to help with the restructuring process and potential expansion opportunities. The airline is also ceasing its DHC-8 ops this quarter.