Thai court extends Thai Airways bankruptcy hearings until Aug 25

Thailand’s bankruptcy court said Monday it had scheduled two more days of hearings to consider Thai Airways International’s request for restructuring. The Central Bankruptcy Court said in a statement 16 creditors opposed the airline’s restructuring proposals, of which three were institutional creditors and the rest, individual creditors. The court scheduled Aug. 20 and Aug. 25 for additional hearings for those opposing the plan. Thai Airways acting president, however, remained confident after the first hearing on Monday. “The hearings are promising and went smoothly,” Chansin Treenuchagron said. The airline submitted its bankruptcy and restructuring petition in May, giving it a stay on debt repayment. Minority creditors opposing the plan was not troubling because their objections were issues that Thai Airways could clarify, he said, without giving details. The court will have to approve the airline’s request for restructuring and a committee that would lay out the plan.<br/>