Thailand's Nok Air files restructuring plan

Thailand's Nok Air taps B737NG fleet growth

Thai bourse maintains Nok Air delisting threat

The Stock Exchange of Thailand (SET) has advised that NOK Airlines Public Company Limited, trading as Nok Air (DD, Bangkok Don Mueang), remains at risk of delisting because it has failed to submit financial statements within the required timeline, and its balance sheet remains in the red. The SET has given the low-cost carrier new deadlines to address the matters or face having its shares removed from public trade.

On August 31, Nok Air CEO Wutthiphum Jurangkool again told the SET that the submission of financial statements for calendar 2022 would be delayed until September 30 because they needed more time to reconcile inventory records. The SET generally requires audited financial statements to be filed within three months of the year's end. The airline has also failed to submit the required reports for the first two quarters of 2023.

Nok Air filed for bankruptcy protection in July 2021. At the time, the airline was carrying debts of more than THB26 billion baht (USD721.8 million). Notably, its largest creditors were its majority shareholders, the Jurangkool family,...

Lengthy restructuring time likely for Thailand's Nok Air

The chief executive officer of Nok Air (DD, Bangkok Don Mueang) says the low-cost carrier may not complete its business rehabilitatiion within the mandated five year period, citing fuel costs, the foreign exchange rate, and aircraft availability as reasons why.

Speaking to The Bangkok Post, CEO Wutthiphum Jurangkool would not guarantee the court supervised rehabilitation plan would be finished by the latter half of 2026. "Regarding the pace of rehabilitation, fuel cost remains higher than in 2019 and the exchange rate and airplane restoration must be factored in," he said "Passenger demand is quite strong, but it depends on how fast we can increase the jet fleet to cater to that growth." The CEO also says his airline faces manpower shortages.

As first reported in ch-aviation, Nok Air has now phased out its last DHC-8-Q400s but wants to add six narrowbody jets to its fleet. Wutthiphum says the limited Q400 seating capacity and high maintenance costs made them unprofitable to operate. The exit of the turboprops leaves the carrier with a 14-strong fleet...

Thailand's Nok Air to trim network after Q400 phase-out