Nok Air looks set to be allowed to restructure under court supervision, after nobody raised objections during a court hearing today, according to a 27 October filing to the Stock Exchange of Thailand.
The Thai budget carrier says the order on its business rehabilitation petition will be issued at 09:00 on 4 November by Thailand’s Central Bankruptcy Court, after which Nok will provide further details to the stock exchange.
The court had accepted the company’s petition on 30 July and set the hearing for 27 October.
The airline said in September that it plans to improve fleet efficiency, seek alternative revenue streams, and adjust its marketing efforts in a bid to reduce costs. This will include adding more night flights, improving maintenance scheduling and adjusting its fleet. It will also embark on debt restructuring through negotiations with its creditors to improve cashflow.
Meanwhile, Nok announced on 22 October the appointment of Rewadee Phochan as its new chief financial officer, who takes over from acting CFO Wutthiphum Jurangkool.
The previous finance chief Nuanwan Bhuprasert resigned on 4 August, less than three weeks into the job.
