The plan, including three amendments added in consultation with the creditors, now needs final approval by Thailand’s
The carrier has generated losses for several consecutive years. It ran up
Losses skyrocketed to
The restructuring plan pegs the company’s total debt at
The airline initially sought a
The
With the government reducing its stake, the airline lost its status as a state enterprise. The action also meant that the airline’s state enterprise union was automatically dissolved.
The airline has already downsized by cutting 8,700 positions, of both full-time and contracted employees. It currently has around 21,000 employees, with plans to reduce the total to 13,000 to 15,000 by early next year.
The statement to the stock exchange said five people have been appointed to administer the plan.
Two are the airline's acting Chief Executive Officer Chansin Treenuchagron and its former CEO
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