Thai Airways’ debt repayment details explained, ticket refund customers to systematically receive repayment

National –

Regarding the approval of the debt rehabilitation plan announced yesterday, Thai Airways together with the Legal Execution Department have planned to facilitate all creditors in filing the debt settlement application.

Chansin Treenuchagron, Acting President of Thai Airways, elaborated that a creditor of Thai Airways is a person who has the right to claim the debt which must be created before the 14 of September, regardless of the debt due date.

The creditors include financial contracts payable, company bondholders, trade payable and ticket refunds except for award tickets from the Royal Orchid Plus frequent flyer program (ROP).

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 Legal Execution Department within one month from the date that the appointment is published in the Government Gazette.

Creditors can register to file a debt settlement online by themselves at home via the website, http://www.led.go.th/tgreorg/index.asp, or directly apply for debt repayment at service points offered by various organizations to facilitate the creditors which are 4 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 nationwide, Forefront Bankruptcy Execution Center (The Government Complex, Chaengwattana Road, Building A, 1st Floor)

3. The Security and Exchange Commission (SEC) (for debentures)

4. The Federation of Savings and Credit Cooperatives of Thailand at Nakhon-In Road (for those purchased by a group of cooperatives)

Regarding ticket refund creditors, the company will provide a developed comprehensive business rehabilitation plan to support customers’ rights for a refund. Therefore, certain creditors will automatically receive debt repayment according to the terms of the business rehabilitation plan without having to file a debt settlement request.

Customers who are a Royal Orchid Plus cardholder and Thai Airways ticket holders who haven’t traveled yet and have not yet processed a refund of a ticket (Unused Ticket) also do not need to file a debt settlement or take any legal action, according to the rehabilitation plan.

The Acting President further stated that Thai Airways will continue to prepare a business reorganization plan and will update all creditors on progress and invite them to share their opinions in due course. Thai Airways hopes to promptly resume its full flight services and strong business operations as a national flag carrier in the near future.

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