Thai Airways, under bankruptcy protection, appoints chair, ex-CEO to rehab body

• The court accepted the airline's request for bankruptcy protection earlier in the day, setting the first hearing for August 17.
• TRIS said it would reassess the rating after there was agreement on the rehabilitation plan.

BANGKOK: Thai Airways International Pcl on Wednesday said it appointed board members as rehabilitation planners in a bankruptcy court submission.

The court accepted the airline's request for bankruptcy protection earlier in the day, setting the first hearing for August 17. It gave creditors until three days before then to submit objections.

The rehabilitation committee comprises the flagship carrier's chairman Chaiyapruk Didyasarin, acting president Chakkrit Parapuntakul and three newly appointed board members, including its former CEO, Piyasvasti Amranand.

EY Corporate Advisory Services Limited will also participate.

The court's decision to agree to bankruptcy protection prompted local rating agency TRIS to downgrade the airline's senior unsecured debentures to default because the airline was given an automatic stay on debt.

TRIS said it would reassess the rating after there was agreement on the rehabilitation plan.