Thai Airways delays submission of restructuring plan

Thai Airways International (TG, Bangkok Suvarnabhumi) has filed a request with the Central Bankruptcy Court to postpone by one month, or to February 2, 2021, the deadline for submitting its complete restructuring plan, Acting President Chansin Treenuchagron told local media. He added that the delay was due to ongoing negotiations with creditors. Once finalised, the airline hopes to secure court approval by April or May 2021 to start implementing the planned changes. Under Thai law, the court-mandated restructuring has to be completed within five years, although this can be extended twice for a year each. Thai Airways said that once the court approves the restructuring plan, the implementation will begin immediately. Acting Executive Vice-President Nond Kalinta said the company hoped to trim costs by 35% in 2021. It will also downsize its fleet to a maximum of 75 aircraft, although he did not clarify whether that number would also include aircraft operated by subsidiary Thai Smile (WE, Bangkok Suvarnabhumi). At the end of 2019, Thai Airways operated 79 aircraft and Thai Smile a further 20. Since then, the flag carrier has tentatively listed 30 recently active aircraft for sale.