Report by : Gan Yung Chyan
/ KUCINTA SETIA
Following Thai Airways International's submission of bankruptcy recovery procedures to the Central Bankruptcy Court, the latest news from Thai media stated that Nok Air also recently filed an application with the bankruptcy court to enter the recovery procedures due to heavy debt and the impact of the covid epidemic. This will solve the problem of capital turnover and enable the company's business to continue to operate.
It is reported that Nok Air has formulated a series of recovery adjustment plans this time, such as adjusting debt structure, adjusting flight routes, adjusting business and revenue growth strategies, adjusting staff working mechanisms, reducing unnecessary expenses, and so on. The bankruptcy court has accepted the relevant application and agreed to analyze and evaluate the submitted application on 27 October 2020. Thai media said that as of 31 March 2020, Nok Air owed a total of 26.522 billion baht in debt.
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