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Thai flag carrier's rehab plan wins creditor backing

Airline still faces cultural and governance hurdles, planner warns

Thai Airways remains in serious financial difficulty as its rehabilitation plan does not address it will clear the massive debt that landed it in trouble in the first place. (Photo by Akira Kodaka)

BANGKOK -- Creditors of cash-strapped Thai Airways International on Wednesday voted to approve a rehabilitation plan that allows the national flag carrier to begin an obstacle-packed rehabilitation process which could last up to seven years.

To get the green light, the plan needed a nod from creditors who together hold over 50% of the company's debt. Of 38 creditors, 28 voted for the plan. This meant that approving creditors, in fact, held 91.56% of Thai Airways' total debt.

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