Thai Government to take part in Thai Airways' recapitalisation programme

Thai Airways submitted its recapitalisation programme to the Thai Finance Ministry, to reduce its debt-to-equity ratio (Dow Jones, 11-Jan-2010). The programme includes refinancing through bank loans and bond issues and raising capital by issuing new shares, in which the Thai Government has reportedly unofficially agreed to purchase half of the shares, to maintain its 51% stake. Thai Airways President, Piyasvasti Amranand, declined to disclose how much capital the carrier plans to raise through the programme. Thai's current debt level is approximately USD4.8 billion.