Thai Airways International Court approves the rehabilitation plan between 21-22 September.

THAI is preparing to explain the court’s approval of the rehabilitation plan on 21-22 September, hoping to win the court’s green light

Mr. Chai Iamsiri, Chief Executive Officer and Acting Chief Financial Officer, Thai Airways International Public Company Limited (THAI), said at the Opportunity Day activity, reporting the results of the 2/2565 quarter from the Stock Exchange of Thailand. Regarding the implementation of the amendment to the rehabilitation plan, the company has submitted a request for amendment to the bankruptcy court on July 1, 2022, and on September 1, the company has notified the creditors.

Recently, the court has called the administrator of the plan to explain the details to the court on September 21-22. It is expected that the bankruptcy court will approve the revised rehabilitation plan around the first or second week of October. The company will be able to proceed as planned, including debt restructuring, debt to equity conversion and capital increase

For the sale of capital increase shares to the existing shareholders The company has not set a timetable yet. Because the timing must be considered appropriately. including an overview of the stock market and the state of the company The offer for capital increase shares will not be lower than the price of 2.5452 baht / share while the creditor will have the right to convert debt into equity at a rate of 2.5452 baht / share.

However, after the implementation of the rehabilitation plan, the shareholding of the Ministry of Finance which is a major shareholder will be reduced to 33% from the current holding of 44.7%, which will prevent THAI from returning to being an enterprise that owned by the state Although existing Thai shareholders currently account for 35.83%, foreign shareholders 15.98%, the Government Savings Bank 2.12%, and other shareholders 1.31%.

However, the company expects to exit the rehabilitation plan by the end of ’67 as it expects the operating results to meet the criteria. Earnings before tax, interest, depreciation and amortization (EBITDA) is positive and equity is positive.

The operating results in 65 are expected to be better than the previous year. After many countries relaxed measures and opened up more countries Earnings improved in the first half of the year in line with increased demand for travel. with 3.02 million passengers, an increase of 320% from the same period last year. The cabin factor was 49.2%, an increase of 33%, with an increase of 60.3% in 2Q22.

when using the aircraft (use) increased to an average of 8.9 hours / day, or an increase of 75%, with a use of 9.8 hours / day in 2Q22, resulting in the company’s loss in the first half of 4,469 million baht (loss decreased by 61% from H1 /64), with a loss of 1,299 million baht in 2Q22, a decrease of 59% from 1Q12 with a loss of 3,167 million baht. In the second half of 2022, travel is expected to return to normality. Including the outcome of an effective organizational restructuring can greatly reduce costs. This year, expenses will be reduced by 62.4 billion baht and will be continuously reduced in year 66 with an amount of 56 billion baht as a result of reducing personnel, helping to reduce staff costs. and lower aircraft rental costs by reducing these two parts, reducing costs by 30-40%.

THAI aims for the number of passengers this year to be 4.5 million, an average cabin factor of 80-82% However, China and Japan have not yet opened the country. But Japan is likely to open the country in October. It is expected that if both countries open the country, Thai Airways’ performance will return to normal. Because the company has quite a few flights in China and Japan.

The current shareholder structure There is no change because the company has suspended share trading The Ministry of Finance is still the main shareholder 44.7%, 35.8% shareholder in the SET, 15.9% foreign shareholder, Government Savings Bank 2.12% shareholder Others 1.13%

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