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Thursday, May 23, 2024

Nok Air gets green light to restructure debt

A Nok Air aircraft, painted like a duck, prepares to take off at Don Mueang International Airport in Bangkok, June 29, 2016. (Reuters file photo)

Thai budget carrier Nok Airlines Plc 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 the first quarter of next year, the company said in an exchange filing Wednesday.

The pandemic has devastated global aviation, forcing airlines to suspend flights, lay off employees and seek financial help from governments and investors. Thai Airways International Plc, which holds a 13% stake in Nok Air, has also received court approval to restructure its 350 billion baht of debt as the virus wreaks havoc on…

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