Thai Airways selling 34 planes to highest bidder to raise cash

Thai Airways International Pcl is seeking potential buyers for almost three dozen used Boeing Co. and Airbus SE jets as part of the flag carrier’s efforts to restructure 350 billion baht ($11.4 billion) of debt.

Prospective buyers have until Nov. 13 to submit their bids and the sale will be under a business reorganization plan approved by a bankruptcy court in September, according to Thai Airways. The aircraft on sale include Boeing 747s, Boeing 777s and Airbus 340s, and the planes are being offered on an “as-is, where-is” basis, the airline said on its website.

Thai Airways is restructuring after the coronavirus pandemic devastated the global aviation industry. Budget carrier Nok Airlines Pcl, in which Thai Airways holds a 13% stake, also won court approval this week to proceed with a debt rehabilitation plan after its business was hit by the slump in travel and tourism.

The aircraft sale is part of Thai Airways’ business reorganization proceedings, under which the carrier will “need to decrease the fleet size to be suited with the routes and efficiency required in the cost management plan,” it said in a separate statement on Friday. “The actual sale would require approvals of relevant stakeholders and the Bankruptcy Court,” it said.