Thai Airways Completes Business Rehabilitation, Aims for Stock Market Comeback

Thai Airways International Plc (THAI) has officially emerged from its court-supervised business rehabilitation program, concluding a four-year restructuring process that paves the way for a return to profitability and public trading.

Key Takeaways

• Thai Airways has successfully exited its four-year business rehabilitation program.
• The airline plans to return to the Stock Exchange of Thailand by July 2025.
• Outstanding debt has been reduced by more than half, strengthening its financial foundation.

On June 16, the Central Bankruptcy Court approved the airline’s exit from rehabilitation, acknowledging its full compliance with the recovery plan laid out in 2020. 

The verdict, delivered at 9:00 AM at the Central Bankruptcy Court on Chaeng Watthana Road, marks a major milestone in the national carrier’s turnaround.

Following the court’s decision, THAI convened its first post-rehabilitation board meeting to begin preparations for re-listing on the Stock Exchange of Thailand (SET), targeting a return by July 2025. 

Among the key agenda items was the appointment of a new board chairman, the formal transfer of assets from the plan administrators, and the strategic roadmap for renewed business and route expansion.

The carrier’s recovery has been marked by a dramatic financial reversal. From a pre-rehabilitation equity deficit of 140 billion baht, the airline now reports positive equity of 55 billion baht. 

Operating performance has also remained robust, despite ongoing challenges in the global travel sector and a slower-than-expected rebound in international tourist arrivals.

Thai Airways has significantly reduced its debt burden, cutting obligations from over 400 billion baht owed to more than 10,000 creditors at the outset of the rehabilitation, to approximately 189.6 billion baht under the final court-approved plan.

The company aims to resume trading as early as late July or early August this year, pending completion of necessary formalities. 

Despite a sluggish Thai stock market, Thai Airways is confident its improved fundamentals and consistent performance will help regain investor confidence as it enters a new chapter in its corporate history.

Thai Airways’ exit from court-supervised rehabilitation signals a decisive turnaround for the national carrier, underpinned by strengthened finances, renewed strategic direction, and an eye toward long-term growth. 

As the airline prepares for a return to the Stock Exchange of Thailand, it stands poised to reestablish itself as a key player in the regional aviation market, backed by improved operational resilience and a clear roadmap for expansion.