Hong Kong, Sept. 12 -- Thai Airways International (THAI) is a step closer to recovery following a series of hearings before Thailand's Central Bankruptcy Court in the last month. The airline and its creditors presented the court with their submissions in three hearings in Bangkok. The debt-ridden carrier is seeking the court's permission to launch a rehabilitation plan, a decision that will be announced on September 14. It is widely expected the rescue plan will be approved.
After the final hearing on August 25, THAI acting president, Chansin Treenuchagron, said procedures had been "executed smoothly and appeared to benefit" the airline's rehabilitation plan.
THAI had made the rehabilitation request - similar to Chapter 11 Bankruptcy in t...