Thai Airways seeks $1.65b infusion under debt revamp

Thai Airways International is seeking a capital infusion of as much as 50b baht ($1.65b) under a debt restructuring plan set to be submitted to a bankruptcy court to keep the flag carrier operational, according to people familiar with the matter. The fund may be raised through equity, loans or convertible securities, said the people, who asked to not be identified before the debt plan is submitted to the court in Bangkok on Tuesday. The capital infusion plan will need to be backed by the airline’s hundreds of credit-holders and approved by the court, they said. Under the debt rehabilitation plan discussed by the court-appointed planners, banks and bondholders will have to take minimum haircut on their exposure, the people said. A spokesman for Thai Airways declined to comment on the specifics of the debt rehabilitation plan but said the carrier’s Acting President Chansin Treenuchagron will hold a briefing at 2 pm local time on Tuesday.<br/>