The plan administrators managing Nok Air (DD, Bangkok Don Mueang) have filed a petition with the official receiver to amend the airline's business rehabilitation plan. This followed meetings on November 27 and December 4 to approve the proposed amendments, according to a December 13 Stock Exchange of Thailand filing.

Bangkok's Central Bankruptcy Court approved Nok Air entering into a business rehabilitation process, the local equivalent of Chapter 11, in September 2021. The low-cost carrier was weighed down by debts of THB26 billion baht (USD752 million), although its largest creditor is the Jurangkool family members, who own a 75% stake in the carrier. Over three years later, the business rehabilitation plan amendments sought to:

  • revise and update the business plan, fleet, financial projections, and industry outlook;
  • revise and update loan facilities, principals, and fundraising methods;
  • revise and update the conditions and repayment terms to creditors;
  • revise and update conditions regarding prepayment;
  • revise and update conditions to successfully implement the plan;
  • seek a one-year extension to the rehabilitation plan, extending it to six years; and
  • update the authorities of the plan administrators to implement and manage the rehabilitation plan.

The filing says the proposed amendments bring the rehabilitation plan into line with current business conditions and allow the efficient and effective management of finances and operations consistent with repaying creditors and establishing Nok Air as a viable long-term business proposition. According to the ch-aviation PRO airlines module, the carrier operates a fleet of fourteen B737-800s to 21 airports in Thailand, India, and China.

In related news, after a series of warnings, the Stock Exchange of Thailand has finally moved to delist NOK Airlines Public Company Limited, trading as Nok Air. The bourse announced the news on December 18. Per the usual course of proceedings when this happens, trading in the shares will be allowed between December 27 and January 8, subject to certain conditions. The stock exchange will then delist the company on January 9. It suspended trading in Nok Air shares in 2023 after it repeatedly failed to submit audited accounts on time.