NokScoot regrets to announce that its Board of Directors has passed a resolution today to liquidate the company. NokScoot shareholders will deliberate the same resolution at a General Meeting to be held in about 14 days.
NokScoot, a Thai low-cost joint venture between Singapore Airlines subsidiary Scoot and Thailand-based Nok Air, has been operating in very challenging circumstances since its inception in 2014. Some of the challenges include difficulties in growing the network and a very intense competitive environment. Unprecedented challenges arising from the COVID-19 pandemic have further exacerbated the situation. Consequently, the Board of Directors does not see a path to recovery and sustainable growth for the airline.
To date, 425 employees have been retrenched with full retrenchment benefits in compliance with Thai labour laws. A small team of employees will stay on to manage and see through the liquidation process to completion, after which they will receive similar retrenchment benefits.
A further update will be provided once an administrator is appointed for creditors to lodge their claims.
NokScoot was founded in 2014 and operated a fleet of 7 Boeing 777-200ER aircraft and had 2 Boeing 737-800s on order.
26 June 2020
This post was published on 26 June 2020 21:38
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