Thai Air To Raise USD$467 Mln In Rights Issue

Thailand gave the green light to state-controlled Thai Airways to raise USD$467 million through a rights offering to pay off debt and restructure its operations.

The fund-raising plan, about THB5 billion baht less than the flag carrier had requested, is expected to help the airline repay THB29 billion of debt maturing this year and expand services after a drop in market share.

Thai Airways, suffering from falling demand after violent protests in the capital, hopes to transform itself through aggressive restructuring, coupled with launching a budget airline with Singapore's Tiger Airways.

Get the full story at: Airwise