The Central Bankruptcy Court decided that the airline can proceed with its business reorganization plan, a crucial step forward for the embattled company, which has around 350 billion baht of debt, according to Chansin Treenuchagron, its acting president.
If the airline fails to rehabilitate, it will damage the company, employees, debtors, investors and the whole economy, the court said in a statement after ruling on the carrier’s petition. "The court’s debt rehabilitation approval is just a tiny step,” Chanchai Chaiprasit, chief executive officer of PricewaterhouseCooper’s Thai unit, said before the ruling.
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