Thai Airways International (TG, Bangkok Suvarnabhumi) has denied it is planning to file for bankruptcy protection even though creditors have reportedly approved the move.
The Thai flag carrier said in a statement that it has "no intention to file for bankruptcy". It also denied that its Board of Directors agreed to any such filing adding that it was instead hoping to follow a restructuring plan adopted in mid-April and presented to the State Enterprise Policy Office on April 29. The plan has yet to be submitted to and approved by the government before it can be made public and implemented.
In the meantime, given the size of debts and uncertainty about the future, Thai's creditors are said to be supportive of the airline filing for bankruptcy protection. The Nation English-language newspaper said the Thai Ministry of Finance, which currently holds a 51% stake in the carrier, is ready to dispose of a 3% stake. However, Thai Airways would lose its state enterprise status meaning its restructuring would no longer depend on the approval of the government.
However, the government earlier denied any plans to privatise the airline.
