Search Results for: bankruptcy

  • Thailand News

    Thailand’s social security fund faces bankruptcy risk in 30-40 years

    The Labour Ministry raised the alarm that the Social Security Fund (SSF) of Thailand is on the brink of bankruptcy, and could be insolvent in 30 to 40 years if there are no changes made to its current policies. This warning was issued during a meeting between the newly established Social Security Board (SSB) headed by Sustarum Thammaboosadee, an academic…

  • Thailand News

    Thai police officers face bankruptcy with debt over 300 billion baht

    Police General Torsak Sukvimol has indicated that a multitude of law enforcement officers across Thailand are facing impending bankruptcy due to an accumulated debt totalling around 300 billion baht. This revelation came about during his interaction with the House committee tasked with reviewing the 2024 annual budget expenditure bill. Pol. Gen. Torsak was summoned to respond to inquiries concerning the…

  • Business News

    Thai businesses navigate bankruptcy via national rehabilitation process

    The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…

  • Thailand News

    National Broadcasting files for bankruptcy of CAT Telecom

    The National Broadcasting and Telecommunications Commission (NBTC) has successfully filed for the bankruptcy of CAT Telecom Public Company Limited. The announcement was made public in the Royal Gazette today (November 25). The order for the asset protection of CAT Telecom Holding Limited was issued on November 3, in line with the Bankruptcy Act, 1940. The court’s decision came after the…

  • World News

    Instant Brands files for bankruptcy amid $1bn liabilities, weak demand

    Instant Brands, the company behind Pyrex glassware and Instant Pot multicookers, has filed for bankruptcy protection, citing liabilities of up to US$1bn. The firm attributes its financial troubles to high interest rates and weak demand. With over 2,400 employees, Instant Brands plans to continue operations while restructuring the business. This follows a warning from fellow kitchenware brand Tupperware in April,…

  • Business News

    BlockFi bankruptcy allows return of funds to non-interest-bearing account holders

    Bankrupt cryptocurrency lender BlockFi has been granted court permission to return US$297 million to clients holding non-interest-bearing accounts. However, this does not include repayment to customers who made last-minute attempts to transfer funds into those accounts. It was concluded by the UK Bankruptcy Judge that customers owned their deposits in BlockFi’s Wallet programme, a non-interest-paying scheme that maintained customer deposits…

  • Business News

    Indian airline Go First granted bankruptcy protection amid repossession concerns

    An Indian tribunal granted bankruptcy protection to Go Airlines (India) Ltd yesterday, a decision that may aid the country’s fourth-largest airline in its revival efforts but could also hinder foreign lessors’ attempts to reclaim their aircraft. The low-cost carrier recently rebranded as Go First, claimed that its financial crisis originated from “faulty” Pratt & Whitney engines, which grounded approximately half…

  • Business News

    Go First files for bankruptcy amid faulty engine woes and mounting debt

    Struggling Indian airline Go First declared bankruptcy yesterday, attributing it to the “faulty” Pratt & Whitney engines that grounded about 50% of its fleet. The airline’s collapse is the first Indian airline bankruptcy since Jet Airways in 2019, highlighting the intense competition in the aviation sector, where rivals IndiGo and the recently merged Air India and Vistara dominate. Go First…

  • Thailand News

    THAI expects bankruptcy court to approve revised rehabilitation plan

    Thai Airways International (THAI) is expecting its revised rehabilitation plan to be approved by the Central Bankruptcy Court. The submitted revision comes after the ailing carrier bounced back better than expected after its Covid-19-induced downfall. But, its rehab plan hasn’t come without pushback from some creditors. Chai Eamsiri, the airline’s acting chief financial officer and senior chief, says once the…

  • Tourism News

    Thai AirAsia X confident of takeoff after bankruptcy setback

  • World News

    Thai AirAsia X becomes third airline in Thailand to file for bankruptcy

    Thai AirAsia X, the international low-cost carrier under the AirAsia umbrella, has had its bankruptcy claim accepted by a Thai court. This makes it the third airline in Thailand, along with Nok Air and Thai Airways, to file for bankruptcy since the start of the Covid-19 pandemic. TAAX director, Tassapon Bijleveld, says all existing bookings will be honoured, including flights…

  • Transport News

    Thai Airways rehabilitation plan accepted by Bankruptcy Court

    The debt rehabilitation plan of Thai Airways International has been accepted by Thailand’s Central Bankruptcy Court, paving the way for the survival of the company. The CBC’s acceptance of the plan is the first step in the debt restructuring process for the struggling airline. In this plan, the state would play an instrumental role in aiding Thai Airways to get…

  • Thailand News

    Thailand News Today | Vaccine roll out, Nok Air heads to Bankruptcy court

    Virologist Dr. Yong Poovorawan says that people can contract Covid even after full recovery from a bout of the virus, 70% of the population in Thailand is expected to have received at least their first dose of the Covid-19 vaccine by September, Nok Air has handed in its business rehabilitation plan after extending the deadline twice and 77 year old…

  • Economy News

    Bankruptcy Court approves Thai Airways debt restructuring plan

    The Central Bankruptcy Court approved Thai Airways International’s debt restructuring plan. An official says the approval is just a “tiny step” in the process estimated to take years. With the approval, the international airline company can now start discussions with debt holders. The 60 year company is reportedly facing its biggest challenge: bankruptcy during a global pandemic with international travel…

  • Economy News

    Bankruptcy court finds Thai Airways sunk by graft and mismanagement

    “Thaworn also claims to have evidence of bribes of at least 5%, or about 2.6 billion baht, to politicians, officials and company executives…” Troubled national flag carrier Thai Airways, which has filed for bankruptcy protection and business rehabilitation, was “sunk by mismanagement and graft”, according to a court investigation. Thaworn Senneam of the Democrats revealed that the investigation focused on…

  • Economy News

    Nok Air will survive despite bankruptcy: CEO

    Thai budget carrier Nok Air is insisting that its business will be able to return to solvency despite filing a business rehabilitation request with the Central Bankruptcy Court, shortly after national flag carrier Thai Airways did the same. Nok Air CEO Wutthiphum Jurangkool said yesterday that the impact of Covid-19 is preventing the airline from flying its 18 international routes,…

  • Economy News

    Thai Airways union says it won’t oppose bankruptcy proceedings

    “We opposed this position before but after reexamination, we have to show creditors that Thai Airways will genuinely follow the restructuring plan. Including adjustments to the board and staff.” In an abrupt reversal, the president of Thai Airways’ labour union announced yesterday that the union won’t oppose the government’s plan to reduce holdings in the airline and restructure the carrier…

  • Covid-19 News

    Cabinet gives the green light for Thai Airways to file for bankruptcy

    Today PM Prayut Chan-o-cha has announced that the Cabinet approved the proposal from the Ministry of Transport that Thai Airways can file for bankruptcy at the Central Bankruptcy Court in order to be rehabilitated under the Bankruptcy Act. “It was the best course to help the troubled airline back onto its feet. Under the rehabilitation plan, Thai Airways will not…

  • Business News

    Thai Airways files for bankruptcy protection

    Despite Thai Airways issuing a press statement and taking to social media to deny rumours it intends to file for bankruptcy, various media reports appear to confirm the struggling carrier will file for Chapter 3/1 of the Corporate Reorganisation section of the Bankruptcy Act. This is the Thai equivalent of Chapter 11 bankruptcy in the US. TTR Weekly reports that…

  • Transport News

    Thai Airways ponders bankruptcy as it enters rehab

    Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8…

  • Phuket News

    Phuket FC pres furious after false reports of club’s bankruptcy

    PHUKET: The president of the Phuket Football Club (Phuket FC) is fuming after news reports about the club’s alleged financial troubles went public earlier this month. Reports stated that management owed club players and staff two months in back pay, amounting to more than 1.6 million baht. Reports also stated that electricity services were cut at the team’s headquarters, after…

  • World News

    Phuket Media Watch – Herman Cain denies; Bankruptcy for American Airlines

    PHUKET MEDIA WATCH – World news selected by Gazette editors for Phuket’s international community Woman claims long affair with U.S. presidential hopeful Herman Cain Phuket Gazette PHUKET: An Atlanta woman came forward on Monday evening to claim she had a 13-year-long affair with Republican presidential hopeful Herman Cain, just weeks after a series of claims regarding sexual harassment. Cain has…

  • Phuket NewsBlue Canyon out of bankruptcy | Thaiger

    Blue Canyon out of bankruptcy

    BANGKOK: The Central Bankruptcy Court (CBC) in Bangkok today announced its decision to allow Murex Co Ltd, the holding company for Blue Canyon Country Club (BCCC), to officially exit the debt restructuring process it has undergone under the court’s administration.BCCC, in an official release, stated, “The Plan Administrator of Murex, BC Golf Resort Management Co Ltd, has been instrumental in…

  • Thailand video news

    Thailand Video News | Cannabis-induced paranoia police chase, Gay couple arrested in Bangkok for drugs and extortion

    In today’s news, Alex and Jay present a lineup of captivating stories from Thailand. From a Phuket villa manager’s fake robbery to conceal misused deposits, to a high-speed chase in Phetchabun due to cannabis consumption, the headlines are as varied as they are compelling. Other highlights include a romance scam defrauding a Thai millionaire, an intentional vehicle clash outside a…

  • Business News

    Thai Airways records recovery with US$782 million profit in 2023

    Thai Airways International Public Company Limited witnessed a significant rebound in its earnings following an increase in air travel demand. The airline reported a net profit of 28.1 billion baht (US$782 million) in 2023, a substantial recovery from the 272-million-baht loss experienced in the previous year. This is the second-highest annual net income recorded by the company, surpassed only by…

  • Business News

    Thai Airways on track for Stock Exchange return amid rehabilitation success

    Anticipations are high for Thai Airways International Plc (THAI) to make its comeback on the Stock Exchange of Thailand (SET) in the coming year, as disclosed by Tibordee Wattanakul, the director-general of the State Enterprise Policy Office (SEPO). The national flag carrier’s liquidity is on the mend, and operations are systematically aligning with its rehabilitation plan. This positive shift is…

  • Thailand News

    IFEC begins rehabilitation with top advisors for Dara Thewi Hotel

    The Central Bankruptcy Court ordered the rehabilitation of Inter Far East Energy Public Company Limited (IFEC), the original owner of Dara Thewi Hotel, and appointed Deloitte Planner as the financial advisor and Phoenix Advisory Services as the legal advisor. The announcement, made today, follows IFEC’s petition for rehabilitation under case number black ฟฟ.7/2566 according to the Bankruptcy Act B.E. 1940…

  • Business News

    JKN Global sells 50% Miss Universe stake to Legacy Holding for US$16m

    In a bid to deal with its ongoing financial struggles, JKN Global Group Plc, a renowned local media company, has decided to offload a 50% stake in its Miss Universe business. The stake, valued at US$16 million (570 million baht), will be purchased by Legacy Holding Group USA Inc. The group, which is under the control of Mexican businessman Raul…

  • Business News

    Thailand’s insurance sector sees 4.5% growth, aiming for 1 trillion baht by 2026

    The insurance sector in Thailand has seen a robust expansion of 4.5%, with the Office of the Insurance Commission (OIC) projecting insurance premiums to hit the 1 trillion baht (US$28,184,510,000) mark by 2026, a significant leap from the present 800 to 900 billion baht figure. Such an outlook was shared by Chuchatr Pramoolpol, the secretary-general of the OIC. Chuchatr revealed…

  • Thailand News

    Thai AirAsia merger grounded till 2027

    The consolidation of AirAsia (AAB) and AirAsia X (AAX) might be a lengthy affair, extending up to 2027, according to Executive Chairman Tassapon Bijleveld. The merger, aimed at creating a powerhouse in the industry, faces delays as AAX grapples with its ongoing rehabilitation process. Last week, AAX made a revelation on the Malaysian stock exchange, announcing a non-binding letter of intent…