Thai Airways, Thailand’s iconic national carrier, is gearing up for a triumphant return to the public markets. After exiting a drawn-out debt-rehabilitation program, the airline is now setting its sights on relisting its shares by early August. But what does this mean for investors, passengers, and Thailand’s aviation sector?
Clearing the Runway: Rehab Exit & Debt Cleanup
Back in 2020, Thai Airways entered court‑supervised debt restructuring, slashing its workforce by 50% and downsizing its fleet. Fast forward to June 16, 2025 the Central Bankruptcy Court officially confirmed that the airline had met all four conditions needed to wrap up its recovery program.
Here are the key financial milestones:
| Milestone | Result |
|---|---|
| Debt reduced from ~400 bn THB to ~190 bn THB | Thanks to restructuring and repayments |
| Repaid debt so far | 94 bn THB, with the rest spread over 10 years |
| Profitability | Operating profits in every quarter since 2023 |
With finances on firmer ground and a leaner operation, Thai Airways has stabilized and is ready to regain investor confidence.
August Relisting: Timing Is Everything
CEO Chai Eamsiri says the exact relisting date will be finalized by the Stock Exchange of Thailand (SET) this week, aiming for early August. The move coincides with Thailand’s high travel season golden timing to capitalize on rising tourist demand. Despite global headwinds like U.S.–China tariffs, Chai insists THAI’s rebound remains strong.
Fueling Growth: Aircraft Orders & New Investments
Thai Airways is not just fixing problems it’s planning for growth. The airline had previously ordered 45 Boeing 787‑9 Dreamliners, with an option for 35 more. CEO Chai hinted they may firm up the extra purchase as part of Thailand’s bargaining strategy in U.S. trade talks.
Meanwhile, a joint 10 bn THB investment alongside Bangkok Airways aims to secure a role in the Eastern Economic Corridor’s new MRO (maintenance, repair, overhaul) hub at U‑Tapao, representing a shift from being state-run to a strategic private-sector player.
Flight Path Ahead: Passenger Trends & Route Strategy
Post-rehab, THAI is seeing signs of real operational recovery:
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European passenger numbers are growing steadily even in off-season periods.
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Chinese traveler volumes are flat but contained, as THAI has limited exposure to Chinese routes.
Chai also reminds Thailand’s trade negotiators to highlight THAI’s U.S. aircraft purchases during discussions with America’s counterparts using national procurement as leverage.
What Relisting Means for You
So what’s in it for stakeholders?
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Investors get a re-engineered company: lower debt, consistent profitability, and plans for fleet modernization.
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Travelers can expect better service and potentially more routes as the airline recovers momentum.
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Thailand’s economy gains from bolstered tourism, strengthened international ties, and ecosystem growth via the MRO investment.
Conclusion
Thai Airways isn’t just back it’s reborn. By cleaning up its balance sheet, turning profits, and positioning strategic growth moves, the airline is booking in for a fresh takeoff. The planned relisting in August aligns with peak tourism and a stronger operational footing. In short: Thai Airways is ready to fly this time, with renewed purpose and renewed investor hope.