Commodities

Thai court to decide on Thai Airways restructuring request in Sept.

Credit: REUTERS/AMR ABDALLAH DALSH

Thailand’s bankruptcy court on Tuesday said it will hand down its decision on Thai Airways International Pcl’s request for restructuring on Sept. 14.

Adds court statement

BANGKOK, Aug 25 (Reuters) - Thailand’s bankruptcy court on Tuesday said it will hand down its decision on Thai Airways International Pcl’s THAI.BK request for restructuring on Sept. 14.

The court held two additional hearings on Aug. 20 and Aug. 25 when minor creditors opposed the carrier's restructuring request.

"The court will allow those who oppose the plan to submit their petitions within seven days from today," the court said in a statement.

Thai Airways submitted its petition for bankruptcy protection in May and received a stay on its debt.

"On the whole today's hearing went well and the prospects are good," Thai Airways' acting president, Chansin Treenuchagron, said in a statement.

In September, the court is expected to approve or reject the airline’s request and appoint a committee that will oversee the restructuring plan.

Thai Airways' executives and legal advisers previously said they were confident that court would approve its request due to agreement among major creditors.

(Reporting by Chayut Setboonsarng Editing by Jason Neely and David Goodman )

((chayut.setboonsarng@tr.com, Twitter: @ChayutSet; +66854849033;))

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