25.9 C
Wednesday, September 27, 2023

The Central Bankruptcy Court Granted THAI’s Business Reorganization Petition and Appointed the Planners

Mr. Chansin Treenuchagron, Director and Acting President of Thai Airways International Public Company Limited (THAI), revealed that the Central Bankruptcy Court granted THAI’s business reorganization petition and appointed the planners as nominated by THAI, which are:
1.      ACM Chaiyapruk Didyasarin
2.      Mr. Chakkrit Parapuntakul
3.      Mr. Pirapan Salirathavibhaga
4.      Mr. Boontuck Wungcharoen
5.      Mr. Piyasvasti Amranand
6.      Mr. Chansin Treenuchagron
7.      EY Corporate Advisory Services Co., Ltd.

In the next step, the planners will prepare the business reorganization plan as soon as possible and it is expected that THAI will propose the business reorganization plan to the Court within the fourth  quarter of this year. Subsequently, the official receiver will call a creditors’ meeting to consider THAI’s business reorganization plan around early 2021 and the Court will issue an order approving the plan and appoint the plan administrator within the first quarter of 2021. Then, THAI will proceed to implement the business reorganization plan.

With regard to the creditors, the Legal Execution Department will inform the creditors of the Court’s order. In order to ensure that the creditors will not lose their rights to receive a debt repayment, the creditors must file the application for debt repayment to the official receiver, the Legal Execution
Department, within one month from the date that the appointment of the planners is published in the Government Gazette. At present, as the Court granted the business reorganization petition and appointed the planners, the creditors can file the application for debt repayment online until one month after the Court’s order is published in the Government Gazette expires.

Mr. Treenuchagron further stated that THAI and Legal Execution Department have cooperated and used their best endeavors to assist and facilitate the creditors with the filing of the application for debt repayment. In this regard, the creditors can register to apply for debt repayment online by themselves at home via http://www.led.go.th/tgreorg/index.asp or the below QR Code.

QR Code for registration and filing the application for debt repayment

Alternatively, if any creditor is unable to apply for debt repayment online, such creditor may bring the documents to apply for debt repayment at the service points offered by various organizations to facilitate the creditors which are four organizations as follow.
(1) THAI Head Office at Vibhavadi Rangsit Road, Building 1, 1st Floor;
(2) the Legal Execution Department at Bang Khun Non Road, the Legal Execution Offices ationwide, Forefront Bankruptcy Execution Center (The Government Complex, Chaengwattana Road, Building A, 1st Floor);
(3) Security and Exchange Commission (SEC) (for debentures); and
(4) the Federation of Savings and Credit Cooperatives of Thailand at Nakhon In Road (for debentures purchased by group of cooperatives).

Mr. Treenuchagron added that THAI will organize officers and official receivers to assist all creditors in every step of the process at THAI Head Office. The service will commence on 23 September 2020 at the hall of Building 1 until the period for filing the application for debt repayment expires in the beginning of November during the office hours from 8.30-16.30 hours, excluding weekends and public holidays. If any creditor has any questions relating to filing the application for debt repayment, such creditor may find information relating to supporting documents and submission guidelines at the Legal Execution Department’s website: www.led.go.th and THAI’s website: www.thaiairways.comor call 02 881 4999 (Legal Execution Department) or 02 356 1111 ext. 8 (THAI’s call center).

The creditors who are eligible for submitting applications for debt repayment in THAI’s business
reorganization proceedings must be the creditors of monetary debt whose the cause of debt arose prior to the date that the Central Bankruptcy Court issued an order for THAI’s business reorganization,  irrespective of whether the debt is due or not. This includes trade debt, rent, debentures, etc. In this regard, the creditors must prepare information relating to the amount of debt which is calculated until the date that the Court issued an order for business reorganization and appointment of planners and the identity verification documents, as follows.

Identity verification documents: In case that a creditor wishes to submit an application for debt repayment by himself, a creditor must bring Thai National Identification Card, passport (for foreigner), or document showing the name of authorized representative(s) of a juristic person. In case of proxy, a proxy must prepare the proxy form and the copies of the proxy grantor’s ID card and the proxy’s ID card.

Proof of debt: For example,
In case of debts arising from ticket refund, the supporting documents are, namely, a copy of passenger ticket, a copy of document showing evidence of payment, and a copy of document confirming a request for ticket refund.
In case of debts arising from debentures, the supporting document is a copy of debenture certificate. Alternatively, in case a creditor cannot find a debenture certificate, a creditor may request for certificate issued by the registrar.
In case of trade debt, the supporting documents are, namely, a copy of contract or agreement, a copy of purchase order, a copy of document showing delivery of goods or provision of services in accordance with the contract, and a copy of invoice.
If the supporting document is in English or the foreign language, a creditor may prepare the Thai
translation of such document certified by a translator to support the consideration of the official receiver.

For the debenture creditors, THAI and the Security and Exchange Commission (SEC) have opened
a website for the THAI debenture holders to check their debentures amount at www.tgbondinfo.com.

Customers who have applied for ticket refund are considered the creditors of monetary debts and are entitled to apply for debt repayment. However, the planners will prepare an inclusive business reorganization plan which supports the right of the customers who have applied for a ticket refund before the order of the business reorganization is granted. If the rights of the customers are determined in the plan as prepared by THAI’s planners, the creditors who are specified in the plan are legally exempted from filing the application for debt repayment. The customers who applied for  ticket refund will receive the repayment of debt as stipulated in the conditions of the business reorganization plan without having to file the application for debt repayment.

In addition, THAI has a policy to take care of customers in the period that it is temporarily unable to process a refund. For customers who have applied for ticket refund, but still placed their trust in  business and would like to remain THAI customers, you may also exchange the refund for a travel voucher which is valid until 31 December 2022. The travel voucher can be used instead of cash to issue tickets with THAI or THAI Smile according to their flight schedules. Any interested customer can contact THAI Call Center at 02 356 1111 or contact@service.thaiairways.com or visit THAI ticketing office at Head Office or Lan Luang branch on Mondays-Fridays from 8.00-17.00 hours. If your tickets are issued by our international office, you may also contact your ticketing office directly. However, if the customers wish to request for a refund, the refund will be made in accordance with the terms of the business reorganization plan. Due to certain limitations on the time and process required, THAI may not be able to make prompt refunds to the customers.

The creditors who are neither required to apply for debt repayment nor proceed with any legal actions.
For customers holding unused tickets and have not applied for a refund, you are not required to submit the application for debt repayment. The customers are eligible to use their tickets when THAI resumes its business operation and provides full flight services. Such customers are neither required to apply for debt repayment nor proceed with any legal actions. The customers may keep their unused tickets to travel with THAI or THAI Smile, or exchange into travel vouchers. Further details can be found atwww.thaiairways.com.

Members of Royal Orchid Plus (ROP) are not considered the creditors of monetary debt, and  therefore are not required to apply for debt repayment in the business reorganization process. ROP members are still entitled to enjoy their member privileges. Member status will remain unchanged and THAI will extend the validity of the miles expiring at the end of this year to December 2021.

In the next step, THAI will prepare a business reorganization plan and will update the creditors on a progress and invite them to share their opinions in due course. THAI pledges to fulfil its commitments to all creditors under the business reorganization process and hopes to promptly resume its full flight services and strong business operations as a national flag carrier.

Related Articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.