Shares in Thai Airways International (THAI) soared as much as 231% on Monday morning after the airline resumed trading for the first time since entering court-supervised debt restructuring in 2020. The stock later pulled back but remained up 186% at 9.5 baht as of 12:50pm.
The national carrier had been under bankruptcy protection for more than four years after collapsing under 400 billion baht of debt at the start of the COVID-19 pandemic.
Thai Airways, however, was already in financial distress well before the crisis. The airline had reported annual losses almost every year since 2012, largely due to increasing competition from low-cost carriers on short-haul routes across Southeast Asia.
The government-backed restructuring effort was led by a committee chaired by former energy minister Piyasvasti Amranand, who previously served as CEO of Thai Airways from 2009 to 2012, one of the few profitable periods in the airline’s recent history.
The plan included converting debt to equity, slashing the workforce by half to around 16,000 employees, and shrinking the fleet from 103 to 85 aircraft. The airline also phased out its budget subsidiary, Thai Smile.
Over the past five years, Thai Airways successfully reduced its debt to 190 billion baht and returned to operational profitability in 2023.
In the first quarter of 2025, the airline reported net profits of $9.8 billion, marking a 300% increase from the same period last year. It currently operates 78 aircraft and recorded a cabin factor of 83.3%, reflecting strong passenger demand.
Last year, the airline placed an order for 45 Boeing 787-9 wide-body jets, with an option for 35 more. In July, Thai Airways said it may exercise the additional option as part of Thailand’s ongoing trade negotiations with the United States.
