The rehabilitation plan of Thai Airways International (TG, Bangkok Suvarnabhumi) continues to exceed expectations, with the airline finding itself earning more revenue, generating bigger profits, and needing less financial assistance than previously forecast. The airline made a THB3.9 billion baht (USD111.2 million) operating profit in 3Q 2022. At the same time, plans for a THB5 billion (USD141.9 million) credit facility have been dropped in favour of a much smaller THB2.5 billion (USD70.9 million) facility involving long-term loans and short-term revolving credit. Thai's recovering fortunes are also accelerating plans for a stock market relisting originally planned for 2025.

On November 29, the Thai government cabinet was briefed on the progress of the airline's rehabilitation plan and how it planned to reorganise its capital structure. Ahead of an anticipated return to trading on the Thai stock exchange (SET), the airline's administrators told the meeting that registered capital will not exceed 31.5 billion shares, with that amount deemed enough to keep the airline capital positive and financially stable. According to a post-meeting media briefing, Thai Airways shares will be divided into five categories, namely;

  • 4.9 billion newly issued shares at the price of THB2.5452 (USD0.0702) per share;
  • 5 billion shares for certain outstanding creditors, namely the Ministry of Finance, to convert THB12.8 billion (USD363.6 million) worth of debt into equity. This tranche covers 100% of the monies owed to the ministry, Thai's major shareholder. These shares will also be sold at THB2.5452 (USD0.0702) per share;
  • 9.9 billion shares made available to other outstanding creditors, namely institutional creditors who have the right under the right to receive money from the sale of aircraft, unsecured financial institution creditors, and debenture holder creditors. This tranche of shares will see this group of creditors recoup 24.5% of the claims against the airline;
  • 1.9 billion shares for another group of creditors that will allow them to convert interest debt into equity. These shares will also be sold at THB2.5452 (USD0.0702) per share; and
  • 9.8 billion newly issued ordinary shares to be offered to existing shareholders in proportion to their existing shareholding at a price of not less than 2.5452 baht (USD0.0702) per share. Thai Airways employees who are shareholders and existing private retail shareholders will have access to the placement.

At the meeting, Thai's administrators asked the finance ministry to support the proposed share placements. If the ministry agrees to exercise 100% of its share rights, the ministry will end up with a 32.7% stake in the airline. State-owned banks, which are also creditors, will finish up with a 10.4% stake in Thai Airways if they exercise their full entitlements. As a result, after any stock market listing, the Thai government may still own 43.1% of the airline.