Joint Aerospace Council & Legal Committee: Bankruptcy Issues in the Aviation Industry
The Covid-19-induced drop in demand for air travel caused a reckoning for airlines and the aviation industry as a whole. With razor-thin margins and, in some cases, loose controls, a number of airlines have had little choice but to seek bankruptcy protection during the pandemic. Avianca, Virgin Australia, Virgin Atlantic, and, of course, Thai Airways were among the world’s major airlines forced to seek bankruptcy protection in 2020. When an airline winds down its operations or seeks bankruptcy protection, contracts are dismembered, jobs are lost, suppliers and lenders are expected or compelled to take haircuts, leasing companies are forced to make difficult decisions, and the flying public suffers.
In this joint AMCHAM Aerospace Council and Legal Committee event, a panel of aviation lawyers and bankruptcy specialists will discuss airline bankruptcies from both a Thai law and international perspective. Our speakers - John Frangos, Partner at Tilleke & Gibbins; Waranon (Warren) Vanichprapa, Partner at DLA Piper; and James Bradley, Partner at K&L Gates - will cover debtor and creditor rights in a Thai bankruptcy reorganization proceeding, how other aviation industry stakeholders fare in Thai bankruptcy reorganization proceedings, and take a comparative look at how other countries handle airline bankruptcies.