Thai Airways approves THB20 billion debt restructuring plan

Thai Airways Board gave in principle approval to a THB20 billion debt restructuring plan and nominated Pravit Ratanapien, a former Science and Technology Minister, for the role of Executive Chairman (The Nation, 26-Jan-2010). The airline plans to issue new shares and bonds to refinance its short-term debts with longer-term obligations. A capital increase plan will be completed by Apr-2010. The Board also set management a target of achieving at least THB33 billion in earnings before interest and amortisation this financial year.