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Creditor co-ops join financial firms to negotiate debt settlements with THAI

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Creditor co-ops join financial firms to negotiate debt settlements with THAI

 

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(FILES) In this file photo taken on April 8, 2016 a Thai Airways Boeing 747 plane prepares to land at Changi International Airport in Singapore. – Thailand’s cash-strapped national carrier will look to undergo a restructuring through the kingdom’s bankruptcy court, premier Prayut Chan-O-Cha said May 19, 2020, as the stricken company is battered by the crash in tourism caused by the coronavirus.


Eighty-four creditor cooperatives and financial institutions of Thai Airways International have agreed to join forces to increase their bargaining power in talks with the ailing national flag carrier over debt settlements.

 

Their combined investments in the airline are estimated at about 60 billion baht.

 

THAI has filed for bankruptcy protection with the Central Bankruptcy Court and, as a result, its over 200 billion baht of debt has been frozen by the court. The airline has also filed for Chapter 11 bankruptcy protection in the US courts.

 

Full story: https://www.thaipbsworld.com/creditor-co-ops-join-financial-firms-to-negotiate-debt-settlements-with-thai/

 

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-- © Copyright Thai PBS 2020-05-31
 

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Up to now it's been the Debtors of Thai (principle the Thai government) that has controlled fiscal policies of the airlines. In bankruptcy it is the Creditors who will take control of at least 60 vs 200 billion of fiscal policies.

It will be interesting to see the path to reconciliation for an adversarial government when it comes to nationalism vs private enterprise. 

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Still cannot believe they have not appointed an International Law & Accountancy firm 

as the receiver. The local appointees, rich & experienced as they are, no nothing about operating a large commercial airline

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The Credit Union's say they want 'Competent People' to help with the restructuring.   Well; none will be found in Thailand and my bet will be that the 'New Board' will be at least half filled with familiar Military faces from the Government who know zilch about running Airlines !

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