Nok Air recently stated that its 2022 audited financial statement would be delayed post which the Stock Exchange of Thailand (SET) has posted an SP sign against Nok Air, that signals the suspension its trading account.
In a letter to the SET, Wutthiphum Jurangkool, CEO, Nok Air said: “The financial statements of the airline that were supposed to be submitted on April 3 will be delayed till May 29 due to a change in the auditor as well as modification of ticketing software. The company needs more time for carefully reviewing the account recording and information to ensure correctness,” Jurangkool added.
A couple of days later, SET issued the SP sign against Nok air giving the reason as failure to submit the financial statement by the stipulated deadline. However, the airline did provide its updated business rehabilitation plan for Q1 of 2023 which stated that the airline paid $1,866,215 and $2,211,200 to the creditors in line with previously agreed debt repayment schedules, but 98% of the debts were still unpaid, the filing read.
The airline had entered into a court supervised rehabilitation plan in Q3 of 2021.
With a strong anticipated recovery in Thailand aviation sector, Nok Air is also expected to recover quickly. The filing further added that the airline expects its overall business will recover which will be a factor to support airline's business to return to normal.”
Going ahead, the airline is also reportedly seeking funds worth $17.6 million for expansion and restructuring.