Thai Airways files for bankruptcy.

Thai Finance Minister Uttama Savanayana said:The Ministry of Finance and the Ministry of Transport, which oversees Thai Airways as a state-owned enterprise, have discussed developing a recovery plan, but the final decision will rest with the cabinet to choose the best option for Thai Airways and its stakeholders.".

And filing for bankruptcy is one option.

The minister did not know when a decision would be made, but stressed that it was a cautious decision because THAI is a state-owned enterprise. When asked whether the airline would be able to pay its employees' salaries, Mr. Uttama said that negotiations with creditors had been successful to a certain extent.

"All parties are doing their best to resolve the issue. Time is running out. Thai Airways must change. All parties must cooperate seriously.", he said.Normal operations cannot continue. A major overhaul is necessary. Solutions are being considered and will be finalized with a cabinet decision.".

According to records from the Stock Exchange of Thailand, THAI incurred a net loss of 2,11 billion baht in 2017, increasing to 11,6 billion baht in 2018 and 12 billion baht in 2019.