Despite having won approval from the court with regards to its debt restructuring efforts earlier this week, the Thai Airways International Pcl (OTCMKTS:TAWNF) stock has continued to slide this week.
This morning the stock has declined by 14% to takes its decline over the course of the past week to 32%. The company is trying to turn its business around following the hardship faced during the coronavirus pandemic and the court has granted it the much-needed approval for restructuring its debt pile of $2.5 billion.
In this regard, it is also necessary to point out that Thai Airways is currently in bankruptcy protection. The approval of this restructuring plan from the court was vital to the company’s future, considering the fact that the airline posted a loss of a massive $4.5 billion last year. The Central Bankruptcy Court located in Bangkok did not many any alterations to the plan that had already been approved by Thai Airways’ creditors.