BOARD OF DIRECTORS PASS RESOLUTION
TO LIQUIDATE NOKSCOOT
Bangkok, Thailand – NokScoot regrets to announce that its Board of Directors has passed a resolution today to liquidate the company. NokScoot’s shareholders will deliberate the same resolution at a General Meeting of shareholders to be held in about 14 days.
NokScoot, a joint venture between Scoot and Thailand-based airline 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 greatly appreciates the staunch support that the travelling public and customers have shown since 2014.