Thai Airways International: Phoenix Rising . Thai Airways filed for bankruptcy in May 2020 with 240 billion baht in debt. Four years later, it's officially emerged from one of aviation's most dramatic turnarounds. . On June 16th, a Bangkok court ended the airline's rehabilitation, marking its complete exit from bankruptcy protection. The transformation: from -140 billion baht equity to 55 billion baht. . This report traces Thai Airways' fall and recovery—from national symbol to near-collapse, th