While I was the head of the Corporate Finance Department at National Finance (now known as Thanachart Bank), I handled many cases of debt restructuring. The largest one was the 20-billion-baht debt of a hospital chain.
Much like Thai Airways, creditors had to determine which has more value: liquidating assets or keeping the business running. I proved to all creditors that keeping a business running was worth more than tearing the company apart. I was right, and that hospital chain is still in business 22 years after the restructuring in 1998.
But the case of Thai Airways is much more challenging than the case of that hospital chain for three main reasons. First, it has zero business since the closure of all Thai airports in April. Even …
Read the full article at: https://www.bangkokpost.com/opinion/opinion/1936796/thai-restructuring-will-not-be-easy