Thai budget carrier Nok Air gets green light to restructure debt

Nok Airlines obtained court approval to proceed with a debt rehabilitation plan as it weathers a slump in passenger demand due to the coronavirus pandemic. The nation’s Central Bankruptcy Court said Nok Air should submit its plan by Q1 next year, the company said in an exchange filing Wednesday. Nok Air’s liabilities were 34.8b baht at the end of June and it had negative shareholders’ equity of 5.9b baht, according to an August exchange filing. Current assets only accounted for about 28% of total assets. The low-cost carrier is based out of Bangkok and flies various short-haul routes to China, Vietnam and other parts of Thailand. It had initially lodged an application with the Central Bankruptcy Court back in July.<br/>