20th May 2020 10:36
(Alliance News) - Aircraft leasing firm Amedeo Air Four Plus Ltd on Tuesday noted Thai Airways International Public Co Ltd's announcement of a reform plan and said it is seeking to protect its legal position during the reorganisation process.
Thai Airways is to implement its reform plan "through the business reorganisation chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act", according to a Thai Airways release.
However, Thai Airways stressed that it "will not be dissolved or go into liquidation or to be declared bankrupt" and will instead move closer to its objectives through reorganisation. Thai Airways said the law "provides equitable protection to all relevant stakeholders" and it will conduct its business alongside the reform plan.
Amedeo said: "The board awaits news of Thai Airways' reform plan and looks forward to it emerging as a stronger airline from this crisis. In the interim the board and the asset manager, Amedeo Ltd, are engaging with English legal counsel as well as Thai legal counsel to protect the company's legal position in relation to the business reorganisation process."
Amedeo made rent deferral arrangements with Thai Airways which is does not expect to be executed during the restructure proceedings, though it "will maintain the benefit of the in principle agreement in place for Thai Airways".
Shares in Amedeo were untraded on Wednesday, last quoted at 26.75 pence.
By Anna Farley; [email protected]
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