Maintenance Repair & Overhaul Space Air Cargo

Home- Stories

Thai low-Cost Airline NokScoot to be Liquidated

: Jun 29, 2020 - : 6:08 am

Thailand’s low-cost carrier NokScoot Airlines Co Ltd, which is partly owned by Singapore Airlines Ltd, said its board of directors has decided to liquidate the company as the COVID-19 pandemic dimmed prospects for its recovery

The airline, a joint venture between Singapore-based Scoot Tigerair Pte Ltd and Nok Airlines PLC, has not recorded a full-year profit since its inception in 2014.

“Unprecedented challenges arising from the COVID-19 pandemic have further exacerbated the situation,” the company said in a statement on Friday.

The board of directors of NokScoot passed a resolution to liquidate the troubled airline and the shareholders will deliberate the same resolution at a NokScoot general meeting in two weeks.

Scoot said it does not see “a path to recovery” and sustainable growth for NokScoot.

While the company has considered other possible alternatives, Scoot said it also offered to sell its 49 per cent stake in NokScoot to Nok Air for a nominal sum of THB1 (S$0.045).

The offer was not taken up.

“We regrettably had to then make the joint decision to move ahead with the liquidation,” Scoot said.


Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.

Popular Posts

Copyright 2024. GBP. All Rights Reserved.

Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us