Thailand’s Official Receiver recently issued an important announcement relevant to all existing or potential creditors of Thai Airways International Public Company Limited (“Thai Airways International”). The announcement details the Central Bankruptcy Court’s Order for rehabilitation of Thai Airways International and was published in the Royal Gazette on October 2, 2020.
This notice is of particular importance to creditors of Thai Airways International, as all liabilities for debt repayment shall be managed by the plan preparer in charge of Thai Airways International’s rehabilitation. However, in order to qualify for debt repayment consideration and management under the rehabilitation plan, a creditor must first submit a completed debt repayment application within one month from the date of publication of the announcement in the Royal Gazette. Failure to submit a debt repayment application within the one month deadline results in a waiver of all creditor rights to debt repayment under Thai law.
The deadline for creditors to apply for debt repayment under the Thai Airways International rehabilitation is November 2, 2020. Since there are no extensions, it is critically important that creditors who wish to participate in the debt repayment process prepare and submit debt repayment applications without delay.
Applications for debt repayment must be completed online via the Legal Execution Department’s website. Since creditors should be prepared to defend against objections to their debt repayment applications and, possibly, object to those of other creditors, it is advisable to consider or otherwise consult with counsel prior to entering into the debt repayment process.
For more information on the Thai Airways restructuring case, or on any aspect of restructuring and insolvency in Thailand, please contact the Bangkok office of Tilleke & Gibbins on [email protected].