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    C6L   SG1V61937297

SINGAPORE AIRLINES LIMITED

(C6L)
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Court approves Thai Airways restructuring, share price takes off

09/14/2020 | 10:34am EDT
Thai Airways idle airplanes are seen parked on the tarmac of Suvarnabhumi Airport in Bangkok,

Thai Airways International Pcl's request to restructure its debt as part of bankruptcy proceedings was approved by a bankruptcy court on Monday, sending its share price sharply higher.

The decision by the court, which handles bankruptcy and restructuring requests in Thailand, allows the airline to move ahead with drawing up plans to restructure 245 billion baht ($7.83 billion) worth of debt.

It comes as the coronavirus fallout has added to the woes of the airline, which has been struggling since 2012 and in which the government has a large stake.

Thai Airways shares rallied more than 7% after the news, bucking a fall in the wider stock market.

"The court has ordered the restructuring," Judge Kampol Roongrat said.

"If the debtor is not restructured, it could cause damage to the company, creditors, employees, investors, the public and impact the national economy," he said.

The court also approved a seven-member committee to draw up the restructuring plan. It includes veteran banker Boontuck Wungcharoen, Piyasvasti Amranand, the airline's former president and EY Corporate Advisory Services Co Ltd.

After three hearings and negotiations with the airline, some creditors withdrew their opposition to the restructuring.

"More than half of creditors supported restructuring," the airline's acting president, Chansin Treenuchagron, told reporters on Monday.

"We will be in negotiations with creditors this quarter and a plan will be ready by the first quarter of next year."

The airline previously said a second committee would be set up to execute the restructuring plan - a process that could take up to seven years - once it was agreed by creditors and the court.

Thai Airways was in difficulty well before the coronavirus grounded flights across the globe, booking losses nearly every year after 2012. It reported losses of 28.03 billion baht in the first half of this year.

The same court in May accepted the airline's request for bankruptcy protection, allowing debt payments to be suspended. Later that month, the government cut its stake in the carrier to 47.86%, ending its status as a state-enterprise.

Other Thai airlines have asked for $770 million in state support.

By Chayut Setboonsarng


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IRPC -2.99% 3.9 End-of-day quote.4.84%
PTT -2.44% 40 End-of-day quote.-5.88%
PTT GLOBAL CHEMICAL -0.42% 58.75 End-of-day quote.0.43%
SINGAPORE AIRLINES LIMITED 1.20% 5.05 End-of-day quote.17.99%
THAI AIRWAYS INTERNATIONAL 29.69% 3.32 End-of-day quote.5.06%
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Financials
Sales 2021 3 700 M 2 749 M 2 749 M
Net income 2021 -3 759 M -2 793 M -2 793 M
Net Debt 2021 10 172 M 7 556 M 7 556 M
P/E ratio 2021 -3,67x
Yield 2021 -
Capitalization 14 973 M 11 128 M 11 123 M
EV / Sales 2021 6,80x
EV / Sales 2022 3,11x
Nbr of Employees 25 547
Free-Float 99,3%
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Technical analysis trends SINGAPORE AIRLINES LIMITED
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 14
Average target price 4,39 SGD
Last Close Price 5,05 SGD
Spread / Highest target 11,7%
Spread / Average Target -13,1%
Spread / Lowest Target -32,7%
EPS Revisions
Managers and Directors
NameTitle
Choon Phong Goh CEO & Non-Independent Executive Director
Kai Ping Tan Chief Financial Officer
Lim Huat Seah Independent Non-Executive Chairman
Wei Jun Wang Senior Vice President-Information Technology
Swee Wah Mak Executive Vice President-Operations
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1st jan.Capitalization (M$)
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