BANGKOK 3 August 2020: Nok Airlines Public Company Limited lodged an application to undergo rehabilitation under the shelter of Central Bankruptcy Court late last week.
In a note to the Stock Exchange of Thailand, the airline provided the identity of the “rehabilitation planners” to the court in accordance with the Bankruptcy Act BE 2483. The application was lodged 30 July on the same day as the board meeting.
In response, the Central Bankruptcy Court has issued an order to accept the rehabilitation petition of the company for consideration. The court scheduled 27 October as the date for the rehabilitation petition hearing.
Rehabilitation objectives
1. “The company decided to lodge a rehabilitation request due to the current operation and financial circumstance in order to sustain undisrupted operations while under the supervision of the Central Bankruptcy Court.
2. “There is no intention to terminate or liquidate its business. There is a resolve to continue business and return to profitability. It must be noted that the on-going situation of Covid-19 pandemic and adverse operating environment were the key drivers leading to the decision to undergo restructuring to enable the company to be a viable entity in the long run.
3. “The rehabilitation process will facilitate a turn around of business for all the company’s stakeholders through the legal framework. It will also allow the company to continue its passenger, air cargo and air courier operations without interruption throughout the rehabilitation process.”
4. The initial rehabilitation plan involves debt restructuring a fleet, route network and commercial readjustment.
The company nominated the following entities and individuals as rehabilitation planners: Grant Thornton Specialist Advisory Services Co Ltd; Prinya Waiwatana; Tai Chong Yih; Kasemsant Weerakun; Wutthiphum Jurangkool and Chavalit Uttasart.
(Source: Nok Air)
