Thai Airways Exits Bankruptcy, Eyes 2025 Stock Relisting

Thai Airways has officially exited its court-supervised business rehabilitation program after four years. On June 16, 2025, the Central Bankruptcy Court of Bangkok issued an order terminating the rehabilitation plan, restoring full management authority to CEO Chai Eamsiri and returning legal rights to shareholders. The move was confirmed in a filing with the Stock Exchange of Thailand the same day.

The court originally appointed plan administrators in June 2021 after Thai Airways filed for rehabilitation amid mounting debts and the pandemic’s impact. Under the leadership of former CEO Piyasvasti Amranand, the restructuring program included cutting the airline’s fleet by 20 percent, halving its workforce, converting significant debt to equity, and recapitalizing the company.

Piyasvasti described the process as complex and politically challenging, but ultimately successful. “It was all about cleaning up the house,” he told CNBC, adding that Thai Airways is now in a stronger financial position than before the COVID-19 crisis.

Following the court’s termination order, Thai Airways held a board meeting to appoint Lavaron Sangsnit as the new chairman and updated its audit and nomination committees. Signing authority was transferred from the former plan administrators to CEO Eamsiri.

The airline now plans to relist on the Stock Exchange of Thailand in Q3 2025. While over half of its shares remain under a lock-up period, Thai Airways has posted profits for nine consecutive quarters, which executives believe will attract institutional investors once more shares are available for trade.

Related News: https://airguide.info/category/air-travel-business/airline-finance/

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