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26th June 2020: The regional budget airline NokScoot is shutting down, saying it cannot recover from the impact of the coronavirus outbreak.
The carrier said its board of directors decided on Friday to liquidate the airline, with the decision to be announced in a general meeting of shareholders to be held in two weeks.
The decision will leave 450 staff members unemployed, save for some who will work on the liquidation process. The company promised to pay them full benefits in accordance with Thai law.
NokScoot was established in 2014 as a joint venture between Singapore-based Scoot and SET-listed Nok Airlines Plc. Nok, a domestic budget carrier established in 2004, holds 51% of the shares and Scoot, a Singapore Airlines subsidiary, holds the remaining 49%. Thai Airways International, now under bankruptcy protection, holds a 13.28% shareholding in Nok Airlines. Source: (Bangkok Post)
