THAI expects the court to pass the rehabilitation plan In October this year, the results of the first half of the year have clearly improved, pushing the whole year better | RYT9

Mr. Chai Iamsiri Chief Executive Officer Chief Financial Officer and Acting Accounting Officer Thai Airways International Public Company Limited (THAI) disclosed that since the company submitted the revised business rehabilitation plan to the bankruptcy court on July 1, 65 and held a creditors’ meeting on September 1, 65, that the bankruptcy court called the administrator of the plan to explain on 21 and 22 September 65 after some creditors objected.

However, it is expected that the bankruptcy court will approve the revised rehabilitation plan around the first or second week of October. 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 However, the offer of 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 to 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%.

“The rehabilitation plan will prevent Thai Airways from becoming a state enterprise again. it will be a private company The creditor’s share will hold additional shares that take its place in the public sector. In accordance with the current increase shareholders from the purchase of share capital increase It will answer the question that politics or the external influence will be reduced to make it work professionally,” said Mr Chai.

Chai said that the company expects to exit the rehabilitation plan by the end of the year ’67 as earnings are expected 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 59% decrease from a loss of 3,167 million baht in 1Q12.

In the second half of year 65, it is expected that travel will return closer to normal. 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 is targeting 4.5 million passengers this year, with 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.

“To date, from Q2 and 2 months from Q3 65, the company has performed better than its target. confident in the operating results of the year 65 better than last year,” said Mr Chai.


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