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Thai Airways Set to Relist on Stock Exchange After Rehabilitation
Table of Contents
PUBLISHED : 16 Jun 2025 at 12:34
Thai Airways International (THAI) is poised to make a comeback on the Stock Exchange of Thailand (SET) in early August 2025, following the Central Bankruptcy Court’s approval to conclude its rehabilitation process [1]. The airline confirmed the relisting plans after the court approved its request on Monday, June 16, 2025, marking a notable milestone in its financial recovery.
Court Approves Rehabilitation Plan
The Central Bankruptcy court’s decision to approve Thai Airways’ rehabilitation request, initially filed on April 28, 2025, underscores the airline’s successful adherence to its restructuring plan. This plan encompassed several key initiatives aimed at bolstering the airline’s financial standing and operational efficiency.
Financial Turnaround: Key Metrics
Approval hinged on THAI’s ability to meet stringent financial targets outlined in the rehabilitation plan.A critical achievement was the substantial increase in registered capital and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). From April 2024 to March 2025, THAI generated an EBITDA of 40.31 billion baht, significantly exceeding the required target of 20 billion baht.
Did You Know? EBITDA is a key metric used to evaluate a company’s operating profitability, excluding the effects of financing and accounting decisions.
The airline’s improved financial health is further reflected in its shareholders’ equity, which showed a surplus of 55.22 billion baht as of March 31,2025.This is a dramatic turnaround from the deficit of 127.23 billion baht recorded at the end of 2020.
| Financial Metric | march 31,2025 | End of 2020 |
|---|---|---|
| Shareholders’ Equity | 55.22 Billion Baht (Surplus) | 127.23 Billion Baht (Deficit) |
| Liabilities | 95.50 Billion Baht | ~400 Billion Baht |
| EBITDA (Apr 2024 – Mar 2025) | 40.31 Billion Baht | N/A |
Operational Restructuring and Improvements
Piyasvasti Amranand, the THAI director who spearheaded the airline’s rehabilitation committee, highlighted the comprehensive restructuring efforts undertaken over the past four years. These included organizational restructuring, expansion of flight routes, fleet adjustments, service enhancements, digital system upgrades, improved income generation, and cost reduction measures.
Pro Tip: Airlines often use fleet adjustments, such as retiring older planes and acquiring newer, more fuel-efficient models, to reduce operating costs and improve environmental performance.
Furthermore, Thai Airways bolstered its financial position by converting liabilities into equity and offering additional common shares to shareholders and staff. This strategic move strengthened the airline’s capital base and improved its overall financial stability.
profitable Operations and Future Outlook
since 2023, Thai Airways has consistently reported profits from its operations in every quarter. The airline has also been recognized as one of the top three airlines with the highest operating margins in recent quarters, demonstrating its improved efficiency and profitability.
The airline’s liabilities have significantly decreased from approximately 400 billion baht to the current level of 95.50 billion baht, reflecting the success of its debt restructuring efforts.
Relisting on the Stock Exchange of Thailand
With the court’s approval secured, Thai Airways will now proceed to seek approval for relisting on the Stock Exchange of Thailand in early August. this marks a pivotal moment for the airline as it aims to regain its position in the market and attract investors following its successful rehabilitation.
The Airline Industry and rehabilitation Processes
The airline industry is known for its cyclical nature and vulnerability to economic downturns, geopolitical events, and fluctuating fuel prices. When airlines face severe financial
