Nok Air has been granted a second and ultimate one-month extension, till 15 Could, to submit its rehabilitation plan.
“The Central Chapter Courtroom has thought of and issued an extra order approving the extension of the submission interval of the rehabilitation plan to fifteen Could 2021, which is the final extension of time as permitted by regulation,” the airline stated in a 12 April disclosure to the Inventory Alternate of Thailand.
The airline requested the extension on 7 April, in accordance with Thailand’s Chapter Act.
Nok says it requires extra data for the draft rehabilitation modification to “put together an entire and complete rehabilitation plan”, one that’s applicable for its airline enterprise amid the Covid-19 pandemic and can obtain collectors’ approval.
It provides that the rehabilitation plan “comprises a number of essential features which required the consideration and strategies from a number of related events”.
As soon as the plan has been submitted, the official receiver is because of maintain a collectors’ assembly to contemplate the rehabilitation plan.
Whether it is happy with the plan, the Central Chapter Courtroom will approve it and appoint plan directors. Nok Air will then proceed to implement the rehabilitation plan and supply updates on its progress.
The Central Chapter Courtroom accepted Nok’s utility for enterprise rehabilitation on 30 July 2020 and accepted Nok for the method on 4 November, appointing the airline’s chief govt Wutthiphum Jurangkool – plus 4 different people, and Grant Thornton Particular Advisory Companies – to organize the restructuring plan. They got a three-month deadline from 15 December to submit the plan by 15 March.