Thai Airways files to exit rehabilitation, eyes stronger business future
Thai Airways has submitted a petition to the Central Bankruptcy Court seeking to exit its business rehabilitation plan, with the goal of officially completing the process by late May or early June. The move paves the way for the company to resume trading on the stock exchange by July.
Piyasvasti Amranand, Chairman of the Rehabilitation Plan Administrators of Thai Airways International Public Company Limited (THAI), announced that the airline has officially filed a petition with the Central Bankruptcy Court to exit its court-supervised rehabilitation program.
This move follows strict compliance with the restructuring plan, including disciplined debt repayment without delays and achieving robust operational performance.
THAI’s EBITDA after aircraft lease payments reached 41.47 billion baht in 2024—more than double the 20-billion-baht benchmark set as a key condition for exiting the rehabilitation plan.
The company also returned to positive shareholders’ equity through debt-to-equity conversions and a capital increase, with equity reaching 45.5 billion baht by year-end 2024.
The court is expected to schedule a hearing on the petition in late May or early June. If approved, Thai Airways will officially exit its rehabilitation process.
Next Steps: New Board, Market Reentry, and Business Transformation
Following the exit, a new 11-member Board of Directors will be appointed. They will elect a new chairman and form an audit committee. The company will then proceed with steps to resume trading its shares on the Stock Exchange of Thailand (SET), with trading expected to resume in July.
Going forward, Thai Airways will focus on three core missions:
Sustaining Strong Performance: The airline aims to maintain its improved financial health and operational efficiency. Its current profit margin stands at 23.3%, the second-highest among global airlines.
Product Development: After years of halted product upgrades due to financial troubles and the Covid-19 pandemic, Thai Airways is now enhancing its services and product offerings to better compete on the global stage.
Fleet Expansion: In line with its long-term recovery plan, Thai Airways aims to expand its fleet to 150 aircraft by 2033 to support sustainable growth. These decisions will now fall under the authority of the new board and shareholders.
Pushing Revenue Beyond THB180 Billion This Year
Piyasvasti further stated that revenue growth this year is closely linked to fleet expansion. Under Thai Airways' current plan, the airline has secured 32 Airbus A321neo aircraft, which are scheduled to begin delivery later this year, along with 45 Boeing 787 aircraft slated for phased delivery starting in 2027.
The company estimates that the total number of aircraft this year will be similar to last year. At the end of last year, Thai Airways operated 79 aircraft; currently, it has 77, following the retirement of two Boeing 777-200ERs. However, one additional Boeing 787, one pre-owned Airbus A330, and new Airbus A321neo jets arriving late this year will bring the total to 80 aircraft by year-end.
With the fleet size remaining nearly the same, passenger volume is not expected to grow significantly. Nevertheless, Piyasvasti expressed confidence that effective management could enable the airline to achieve its revenue target of THB180 billion, or possibly reach as high as THB200 billion.
Exploring US Route Resumption as FAA Upgrades Thailand to Category 1
Following the recent upgrade by the US Federal Aviation Administration (FAA), which raised Thailand’s aviation safety rating from Category 2 back to Category 1, Thai Airways is currently studying the feasibility of resuming flights to the United States.
The airline is assessing whether reopening US routes would be commercially viable, as operating such long-haul services would require three wide-body aircraft—likely Airbus A350s or Boeing 787s—to maintain daily service. These flights would not be direct from Thailand, but rather operate via Osaka, where passengers would board before continuing to the US.
Currently, Thai Airways’ 10-year fleet plan does not include US destinations, as all aircraft have already been allocated to enhance frequency on high-potential routes such as Paris and to resume services to cities like Vienna.
However, if the feasibility study shows promising results, Thai Airways may reconsider and pursue US routes, provided the airline can acquire additional wide-body aircraft. Piyasvasti acknowledged that acquiring such aircraft in the current market remains a significant challenge.
Thai Airways Powers Ahead with Full-Throttle Business Takeoff
Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, announced that the airline is now in its “takeoff” phase, focused on enhancing connectivity and delivering an exceptional passenger experience to strengthen competitiveness with top global carriers. The airline is actively investing in upgrading its services.
Key initiatives include the development of a new premium lounge at Concourse A of Suvarnabhumi Airport, the lease and deployment of 32 Airbus A321neo aircraft by the end of 2025, and the phased delivery of 45 Boeing 787 wide-body aircraft scheduled to begin in 2027.
Thai Airways is also upgrading 20 Airbus A320s transferred from Thai Smile, with refurbishments expected to be completed by mid-year. In addition, cabin upgrades are underway for its Boeing 777-300ER fleet, while enhancements for Airbus A350 aircraft are being planned.
With an expanded fleet, the airline will be able to increase flight frequency and strengthen its route network, positioning Bangkok as a major aviation hub. The Airbus A321neo, which accommodates 170 passengers and has a flight range of 5.5 to 6 hours, will serve destinations such as Japan, southern China, and ASEAN countries.
As for the Boeing 787s, the airline plans to initially use them to boost frequency on high-demand routes such as Paris, and potentially resume service to cities like Amsterdam and Vienna. Thai Airways has also secured options to acquire an additional 35 Boeing 787s beyond the confirmed 45, supporting long-term growth.
These deliveries align with the airline’s rehabilitation plan vision, as aircraft orders placed today require a lead time of four to five years, due to backlogs of over 10,000 aircraft in production at both Boeing and Airbus.
