Creditors of Thai Airways approve reorganization plan

BANGKOK (AP) — Thai Airways says the creditors holding most of its debt have approved a business reorganization plan. The plan announced in a filing to the Stock Exchange of Thailand is now due for approval by a bankruptcy court. The carrier has generated losses for years. They sunk further during the COVID-19 pandemic, which grounded flights for an extended period. The airline sought a $1.7 billion bailout loan from Thailand’s government last year, but was refused. The Cabinet reduced the government’s stake in the airline to below 50% as part of the reorganization, ending the airline’s status as a state enterprise. It plans to reduce its total employees further to 13,000 to 15,000 by early next year.