BANGKOK, 27 May 2020: Thai Airways International reported to the Stock Exchange of Thailand four board of director changes as it heads towards a painful restructuring phase under Thailand’s Bankruptcy Court.
Catching the travel industry’s attention is the return of former Thai Airways International president Piyasvasti Amranand, who replaces Sirikul Laukaikul.
He was president of the airline from 2009 to 2012 and was credited with returning the airline to profit.
The other three board appointments are former justice minister, Pirapan Salirathavibhaga, who replaces Pitipan Tepartimargorn, former TMB Bank CEOI, Boontuck Wungcharoen, who replaces Pinit Puapan and former PTT CEO Pailin Chuchottaworn who replaces Pratana Mongkolkul.
THAI lost its state enterprise status after the Finance Ministry sold off a 3.17% stake in the national carrier last Friday to the Vayupak 1 Fund
According to financial statements filed with SET the airline has outstanding debts worth THB200 billion, 30% of which is owed to domestic creditors.
Reports that suggested THAI also owed Airbus Industries aircraft lease fees for 30 aircraft with next payment due in June were dismissed by the airline manufacture as baseless and untrue.
