THAI creditors delay vote on debt restructuring plan

THAI delayed a vote on its restructuring plan by a week after some creditors pushed for changes and sought time to study some last-minute tweaks unveiled by the administrator. The creditors will now meet again on May 19 after 20 of them proposed postponing the vote, Thai Air said in a statement. At Wednesday’s meeting held by video conference, some debtholders sought more clarity about details of the restructuring plan which included some changes, the carrier said. The carrier’s stock swung between gains and losses before closing 3.7% higher in Bangkok. The stock has tumbled 45% since the exchange lifted a trading suspension on April 16. The national flag carrier needs more than 50% of creditors to accept its plan, which is part of measures to help it return to profitability as it navigates the devastation wreaked on the global travel industry by the pandemic. The airline, which has total liabilities of at least $11b, in March proposed a three-year freeze on loan repayments in one of the nation’s most high-profile restructurings.<br/>