Thai Airways Intl (TAWNF)

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Restructuring THAI
Another way for the insolvent debtor to avoid bankruptcy is restructuring. Restructuring is a proceeding under the court's supervision which prevents the creditors from immediately distributing the debtor's assets which normally lead to the liquidation of the debtor in the case that the debtor is a company. The Restructuring or Reorganization allows the company in financial distress to continue business operations so that the creditors might profit from the continued operations of the company, ending up recovering more than in the case of liquidation.

According to Chapter 3/1 of the Bankruptcy Act the Restructuring takes place in the following way:



The debtor, creditor(s) (in the case where owed more than 10 million Baht) or a government authority file(s) a petition for restructuring.
If the court approves the application the debtor is temporarily protected against claims by the creditors. The court will only approve the application if it appears that the debtor’s business can be successfully reorganized.
The creditors propose a so-called Plan Preparer, a person who drafts a Rehabilitation Plan.
The court approves the Plan Preparer and appoints him.
After the appointment of the Plan Preparer the creditors have 1 month to submit their claims.
The Plan Preparer drafts the Rehabilitation Plan within three months with two possible extensions of one month each.
The plan is sent to the creditors and other related parties. The receiver calls a meeting of the creditors, and the creditors discuss the plan and propose amendments. A party can submit proposed revisions to the plan at least three days in advance of the meeting.
The creditors approve the Rehabilitation Plan by way of a special resolution reached in a prescribed procedure. For this purpose, the creditors will be classified as follows:
Secured creditors with minimum secured debt of 15% of total debts
Other secured creditors
Unsecured creditors
Preferred creditors
The above classes of creditors are relevant for the passing of a special resolution for the approval on the Rehabilitation Plan, plan revision, removal of a Plan Administrator and appointment of the creditors’ committee for plan implementation. The creation of classes and new majorities for passing special resolutions is one of the major changes of the bankruptcy law reform of 1997-1999.

Furthermore, there are certain creditors who are deemed to have accepted the plan such as:
Creditors whose claims are paid in full within 15 days
Creditors who will be paid under existing contracts
Creditors according to Sec. 130 bis
The Rehabilitation Plan is submitted to the court.
The court approves the Rehabilitation Plan.
The time frame for implementation of an approved and binding Rehabilitation Plan is 5 years. A one-year extension is possible but only twice.
The court finally decides that the Rehabilitation Plan was successful. The business is then rehabilitated. Otherwise bankruptcy proceedings will begin.
The court has the power to annul juristic acts which are prejudicial to creditors, upon petition of the Plan Preparer or a Receiver. The Receiver is a government official who has an administrative and supervisory role before and during the implementation of the Rehabilitation Plan and in certain cases also fulfils the function of the Plan Preparer or Plan Administrator.

The plan must contain the following items:

Reasons why the debtor should be restructured
Assets, liabilities, obligations
General principles and methods applying to the restructuring
Rules regarding secured creditors and guarantors
Liquidity issues during the implementation of the Rehabilitation Plan
Measures regarding assignment of claims or assumption of debt
Name, qualification, letter of consent and compensation of the Plan Administrator
Conditions for appointment and release of Plan Administrator
Time frame for implementation of the Rehabilitation Plan not exceeding five years
Measures regarding certain assets and contractual rights of the debtor
The creditors have the right to appoint a committee of creditors to monitor the implementation of the plan according to the rules of the bankruptcy law.

https://juslaws.com/bankruptcy-procedures-in-thailand.php

Sounds like a done deal with CREDITORS.