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Friday, Jul 25, 2025

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Thai Airways Prepares for Board Shake-Up as Rehabilitation Nears Completion

The national carrier of Thailand is set to exit bankruptcy and appoint a new board as it meets key targets, including substantial debt repayment and profitability.
Thai Airways International (THAI) is in the final stages of its rehabilitation plan and preparing to exit bankruptcy proceedings.

The airline has met the conditions for exiting rehab, which include full debt repayment, capital restructuring that has resulted in positive equity of 30 to 40 billion baht, and annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) of at least 20 billion baht.

The next step is appointing a new board of directors following a recent share sale, with trading on the Stock Exchange of Thailand expected to resume in the second quarter.

The selection process for the new board is ongoing, with shareholders nominating 11 to 15 candidates.

These candidates will be assessed on February 25, 2025, and the final list will be presented for approval at the annual general meeting on April 18. The new board structure is expected to be smaller and more flexible than the previous 15-member board, with an emphasis on expertise in aviation, finance, business, and emerging technologies.

In 2024, THAI reported a profit of 15.195 billion baht, a substantial improvement, and its capital restructuring has resulted in 90 billion baht in cash reserves.

However, the airline continues to face challenges, including staff shortages, rising labour costs, increased competition, and economic risks.

The government, which holds a 38% stake in THAI, has nominated four individuals with financial expertise for the new board, raising questions about the board's balance of expertise.

The shareholders' meeting will also address the future of three existing board members and CEO Chai Eamsiri, whose contract was recently extended.
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