Thailand’s Central Bankruptcy Court on June 16, 2025, approved Thai Airways International Public Company Limited’s petition to exit its four-year court-supervised rehabilitation, clearing the way for the national carrier to relist its shares on the Stock Exchange of Thailand, tentatively by August.
The airline entered rehabilitation in May 2020 following years of financial losses and accumulated debt totaling approximately 400 billion baht. Under court supervision, THAI implemented an extensive recovery plan focused on debt restructuring, operational reform, and cost efficiency.
As of the first quarter of 2025, THAI reported that it had repaid about 94 billion baht to its creditors. Full repayment is expected to be completed by 2036.
The court’s approval followed THAI’s fulfillment of four key conditions outlined in its restructuring plan:
- Increasing registered capital and converting debt to equity
- Maintaining scheduled debt repayments without default
- Achieving earnings before interest, taxes, depreciation, and amortization (EBITDA) of 40 billion baht—double the minimum threshold required for rehabilitation exit
- Establishing a new board of directors, approved by shareholders in April
Piyasvasti Amranand, chairman of the Rehabilitation Plan Administration and a board member, said that THAI successfully executed all aspects of the plan over the past four years, noting the airline’s return to operating profitability since 2023. According to industry publication Airline Weekly, THAI ranked among the top three airlines globally in terms of profit margins during the last two quarters.
CEO Chai Eamsiri described the court’s approval as a significant milestone, attributing the company’s turnaround to cooperation among stakeholders, including creditors, shareholders, staff, and passengers.
THAI is now preparing for its return to public trading, marking a new chapter in its post-crisis recovery.
