BANGKOK (Reuters) -Thai flag carrier Thai Airways International will resume trading in August, the stock exchange said on Wednesday, marking the end of a long restructuring process triggered by the pandemic.
In 2020, the national carrier went into bankruptcy-protected restructuring, and drew up plans to restructure debts worth 400 billion baht ($11.17 billion). As part of those plans, it reduced its workforce by half and trimmed its fleet.
It also appointed Piyasvasti Amranand, the airline’s president from 2009 to 2012 to its restructuring committee, along with a number of veteran bankers.
Thai Airways had already been making losses since 2012 as a result of growing competition from budget carriers.
As part of the restructuring programme, the government reduced its stake, meaning that the carrier lost its state-owned enterprise status.
“The SET approves the removal of THAI securities from the possible delisting list, the lifting of its suspension and non-compliance designations,” the Stock Exchange of Thailand said in a statement.
Thai Airways has been making operational profits since 2023 and in June it exited the court-guided restructuring programme.
Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more.
This month, it also said it could exercise the option as part of Thailand’s tariff negotiations with the United States.
(Reporting by Chayut Setboonsarng, Editing by David Stanway)
