Thai Airways International is suspended from the Stock Exchange of Thailand (SET) from October 2, 2026, pending an investigation into recent operational disruptions. The SET announcement follows a board decision on October 2 to place Chief Executive Chai Eamsiri on temporary leave and appoint Samrit Sanean as acting CEO.
Ground operations turmoil triggers executive change
The leadership change stems from severe disruptions at Suvarnabhumi Airport in late September and early October, when flooding caused baggage handling chaos, flight cancellations and delays. The board is investigating how management handled the crisis, as well as questions about outsourcing arrangements and procurement decisions.
Thai Airways stated it aims to restore normal flight operations by October 3. The investigation's scope and timeline remain open.
A turnaround six years in the making
The current crisis arrives just over a year after Thai Airways completed one of the most complex corporate rehabilitations in Thai corporate history. The airline exited court-supervised rehabilitation in August 2025 and resumed share trading on the SET on August 4, 2025.
The rehabilitation, which began in 2020 after years of operational losses capped by the COVID-19 pandemic, required drastic measures:
• Employee numbers fell by more than half and fleet types were consolidated
• A total of 53.453 billion baht in debt and interest payments from creditors was converted into equity
• Existing shareholders and staff subscribed to 22.987 billion baht in new shares in 2024
The result: Thai Airways reduced interest-bearing debt from approximately 400 billion baht to roughly 95 billion baht by the first quarter of 2025. Shareholders' equity swung to a positive 55.439 billion baht as of March 31, 2025, from a negative 43.142 billion baht at the end of 2020. The interest-bearing debt-to-equity ratio dropped from 12.5 times in 2019 to 2.2 times.
Financial performance reinforced the restructuring's success. In 2024, the airline carried 13.76 million passengers and reported EBITDA after aircraft lease costs of 42.88 billion baht — more than double the rehabilitation plan's 20 billion baht target. By 2025, Thai Airways posted a net profit of approximately 30.91 billion baht, with shareholders' equity reaching 75.83 billion baht and total debt falling to 228.15 billion baht.
Ambitious investment plan faces new scrutiny
The airline had outlined a five-year strategic investment plan worth approximately 170 billion baht. Key elements include:
• 120 billion baht for fleet modernization, targeting 150 aircraft by 2033 with orders already signed for 45 new aircraft
• Receiving more than 15 Airbus A321neo narrow-body aircraft in 2026 to expand regional routes
• Resuming daily direct flights to Amsterdam in July 2026 using Airbus A350-900 aircraft
• Increasing frequencies to 81 weekly flights to China and 91 to India
• Allocating 20 billion baht for cabin upgrades beginning in 2027
Shareholder lock-up periods for creditors who received equity through debt conversion are also expiring. Some 19.8 billion shares, representing about 70% of shares allocated to creditors, become free-trading after August 3, 2026.
Asian aviation analysts note that Thai Airways' recovery track record is substantial, and the current operational problems are likely short-term factors affecting brand confidence rather than fundamentals. However, sustained disruption could test the Discipline Growth strategy that prioritizes commercially viable route expansion.
What this means for travelers and investors
For passengers holding Thai Airways tickets, the airline has committed to normal operations from October 3, though residual delays remain possible during the transition. Frequent flyers should note that the planned July 2026 enhancement to the Royal Orchid Plus loyalty program — intended to make status upgrades and mileage accumulation easier — may face implementation delays depending on management changes.
For investors, the SET suspension means Thai Airways shares cannot be traded until the exchange lifts the order, typically after the company provides sufficient clarification. The Ministry of Finance remains the largest shareholder even though Thai Airways ceased to be a state enterprise in May 2020 when the ministry's stake fell below 50%. Concerns about political interference in management decisions persist among corporate governance observers.
Skytrax ranked Thai Airways among the world's top 20 airlines in 2026, up from 29th place in 2025, with top-10 rankings for airport service and cabin crew in Asia — a recognition that now hangs in the balance as the new acting CEO works to restore operational stability.
