Thai Airways International is moving closer to resuming trading on the Stock Exchange of Thailand (SET), following a multiyear business rehabilitation process that has significantly reduced the company’s debt and positioned it for renewed growth. The national carrier, which filed for bankruptcy protection in 2020 due to the collapse in global air travel during the pandemic, expects to exit the court-supervised plan by mid-2025.
The airline, which marked its 65th anniversary this year, has brought down its liabilities from approximately 400 billion baht at the start of its rehabilitation to around 80 billion baht. The remaining debt will be serviced through 2036 under terms agreed with creditors. For 2025, Thai Airways has set aside funds to cover 10 billion baht in debt payments.
Key steps in the restructuring included the sale of non-core assets valued at 10 billion baht and a significant reduction in the workforce from nearly 30,000 to 14,000 employees, helping the airline maintain a lower cost base. The staff restructuring was part of a broader effort to keep employee costs below 13% of total operating expenses.
In financial terms, the company reported 188 billion baht in revenue in 2024, up 16.7% from the previous year. Despite a reported net loss of 26.9 billion baht, this figure included one-off accounting losses primarily related to a debt-to-equity conversion, as stipulated in the rehabilitation plan. Operating profits were recorded over the past two years, with revenue levels returning to pre-pandemic figures, despite a reduced fleet.
To address shareholder equity concerns, the par value of THAI shares was reduced from 10 baht to 1.3 baht, helping to offset accounting losses. A capital injection of 76 billion baht was raised through creditor conversions and a rights offering. These financial changes allowed the company to seek court approval for a formal exit from the rehabilitation program in the second quarter of 2025.
The airline’s fleet stands at 79 aircraft, a decrease from 103 prior to the pandemic. Thai Airways has confirmed the acquisition of 45 Boeing 787-9 Dreamliners, with plans to expand the fleet to 103 jets by 2026, and further to 150 aircraft by 2033. This expansion aims to align with projected growth in global travel demand.
Additional plans include the leasing of new Airbus A321 Neos and wide-body aircraft to rebuild capacity. In 2026, the airline expects to take delivery of four wide-body and 15 narrow-body jets, returning to pre-pandemic operating scale.
In terms of diversification, THAI has partnered with Airports of Thailand to promote Bangkok as a stopover hub and signed a memorandum with Bangkok Airways to establish an aircraft maintenance center at U-tapao Airport. The 10-billion-baht facility, located in the Eastern Economic Corridor, is part of a broader strategy to position Thailand as a regional aviation maintenance hub.
The airline is also evaluating new cargo infrastructure at Suvarnabhumi Airport and plans to expand its catering business through potential joint ventures, with the goal of entering the food retail sector more broadly.
Flight operations in winter 2025 are scheduled to include 883 weekly flights across 64 destinations, an increase from the previous year. With demand in Asia expected to recover fully by 2026, the airline sees opportunity in expanding services on popular routes.
Chief Executive Officer Chai Eamsiri, who took office in February 2023, emphasized that returning to the SET will enhance the airline’s access to funding and reinforce its commitment to governance and transparency. The company expects to complete its rehabilitation and resume stock trading by July 2025.
