Thai Airways International (THAI) presented a new debt cleanup plan on Friday following a better-than-expected recovery from its financial crisis, said Piyasvasti Amranand, chairman of the THAI panel overseeing the debt plan controlled by airline court.
The amended recovery plan was submitted to the central bankruptcy court.
In the previous plan, THAI expected to face a cash shortfall of 50 billion baht and therefore planned to borrow 25 billion baht from public lenders and the rest from private financial institutions, it said. he declares.
However, as the airline realized that it would be difficult to obtain the full amount of loans required, it first tried to find more cash by selling a number of assets and old aircraft, which grossed over 9 billion baht, he said.
“The airline also earned more revenue than expected after international flights resumed after the Covid-19 situation improved,” he said.
Average passenger numbers for THAI now stand at 13,000 a day, up from 1,000 a day in the first 10 months of last year, and with flights now 80% and 90% full, it said. -he declares.
Revenue for June is estimated at 6.8 billion baht, while for July the airline expects to earn up to 8 billion baht, he said.
In the old rehabilitation plan, the airline planned to have 5 billion baht in cash by the end of June, but in fact it has up to 14 billion baht on hand, he said. declared.
“Given these clear signs of recovery, we need to modify the rehabilitation plan because we no longer need to borrow as much as we initially thought,” he said. “This change will improve THAI’s financial security and eventually get it out of financial trouble.”
Under the new plan, THAI will borrow 12.5 billion baht over six years and an additional 12.5 billion baht in shorter terms, he said.
Before implementing its long-term borrowing plan, a new assessment of its liquidity will be carried out.
THAI also plans to issue debt-for-equity swaps totaling 37 billion baht, or about 25% of its debt over 100 baht.