Nok Air (DD, Bangkok Don Mueang) has sought shareholder approval to extend the utilisation period of a THB3 billion baht (USD96 million) credit line from its main shareholder, Hatairat Jurangkool, to May 14, 2023, the LCC said in a stock market filing.

As an initial step, the carrier is trying to secure an extension of the utilisation period through September 30, 2020. Until then, it hopes to amend the original facility agreement from May 2019 to further extend the utilisation period through 2023.

Nok Air is also proposing to issue termination rights to the lender, valid for the duration of the utilisation period of the facility.

Hatairat holds a 26.38% stake in Nok Air and is the mother of a further two significant shareholders, Nuttapol and Thaveechat Jurangkool, who hold a 26.07% and a 22.51% stake in the airline, respectively. Her third son, Wutthiphum, is Nok Air's current Chief Executive.

According to the terms of the facility agreement, each loan drawn under the THB3 billion credit line will be priced at 6.498% per annum.