Thai Airways debt revamp plan gets support from finmin

The Finance Ministry, the largest shareholder of Thai Airways International Plc, signalled its support for a restructuring plan that includes raising fresh capital, a temporary freeze on repayment of borrowings and slashing its workforce by half to return the debt-ridden airline to profit.

The key elements of the debt rehabilitation plan are “quite acceptable,” Pantip Sripimol, director-general of the State Enterprise Policy Office under the ministry, said on Wednesday. The ministry will study the restructuring proposals in detail before deciding on its vote, she said.

THAI, with liabilities of about 330 billion baht last year, expects its creditors to vote on the court-mandated debt recast…