Thai Airways Moves to Exit Court-Led Business Rehabilitation

Thai Airways International has formally petitioned Bangkok’s Central Bankruptcy Court to exit its court-supervised business rehabilitation process, following the successful implementation of its recovery plan. The airline announced the move in a filing with the Stock Exchange of Thailand on April 28, 2025.

Appointed plan administrators told the court that Thai Airways has fulfilled key obligations under the restructuring plan, including increasing its registered capital, making all scheduled debt repayments without default, returning to profitability, restoring positive shareholders’ equity, and appointing a new board of directors.

Thai Airways entered the rehabilitation process in September 2020 after becoming insolvent. At the time, the court acknowledged the airline’s distressed financial condition but said it had the potential to recover. The restructuring became one of Thailand’s most significant corporate turnarounds, with progress closely monitored by the court and regulators.

Separately, on April 29, the Central Criminal Court for Corruption and Misconduct dismissed a bribery case brought by the National Anti-Corruption Commission (NACC) against former Thai Airways chairman Thanong Bidaya and ex-deputy finance director Kaweepan Ruangphaka. The court ruled that the evidence was insufficient to support the NACC’s allegations.

The case centered on alleged misconduct in early 2000s fleet procurement decisions, with accusations that certain aircraft purchases were steered to benefit Rolls-Royce. The UK engine manufacturer previously admitted to paying intermediaries in Thailand during that period. The disputed orders included seven Boeing 777-200ERs and seven Airbus A340-600s powered by Rolls-Royce Trent engines.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com