Search Results for: bankruptcy
- Business News
Thailand assists tourists stranded by tour operator’s bankruptcy
The Tourism Authority of Thailand (TAT) has committed to supporting tourists stranded due to the bankruptcy of major German tour operator FTI Group, while also collaborating with government officials to ensure hotels are compensated by the company. Siripakorn Cheawsamoot, TAT Deputy Governor for Europe, Africa, the Middle East, and the Americas, reported that there have been no reports of stranded…
- Thailand News
Thai Airways’ sky-high comeback from bankruptcy brink
Thai Airways International revealed its anticipated completion of its ongoing restructuring saga, set to wrap up later this year, marking a remarkable turnaround since the tumultuous onset of the Covid-19 crisis in 2020. The Bangkok-based airline, ravaged by the pandemic’s economic fallout, embarked on this arduous journey to rein in its debts and reinvent its operational strategies amidst plummeting air…
- 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…
- 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…
- Thailand News
Bangkok airport protest leaders face bankruptcy over 522 million baht compensation order
The Central Bankruptcy Court has dealt a decisive blow to 11 pivotal figures of the dissolved People Alliance for Democracy (PAD) by issuing an absolute receivership order against them. This verdict relates to their involvement in protests that resulted in the closure of Bangkok’s two primary airports. The court order, made public via the Royal Gazette, gives an assigned receiver…
- 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
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…
- Technology News
FTX crypto exchange files for bankruptcy
The American crypto exchange FTX filed for Chapter 11 bankruptcy today following several days of turmoil amid a failed buyout. Founder and CEO Sam Bankman-Fried announced his official resignation yesterday. The cryptocurrency world has been severely shaken by the second-largest exchange collapsing. In 2020, FTX was valued at only a few hundred million US dollars but skyrocketed to a US$1…
- 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
- 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
Central Bankruptcy Court approves Thai Airways debt restructuring plan
The high profile restructuring plan to tackle Thai Airways International’s around 400 billion baht debt was approved by the Central Bankruptcy Court today. While the pandemic hit airlines across the globe, Thai Airways has been recording losses for nearly a decade. The record loss of 141.2 billion baht posted last year prompted the struggling airline to file for bankruptcy protection.…
- 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
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,…
- Business News
Thai Airways may not need to file for bankruptcy in US
Contrary to earlier reports, Thai Airways may not need to seek bankruptcy protection in the United States to avoid seizure of its planes and other assets. A senior official made the announcement after a meeting led by Deputy PM Wissanu Krea-ngam with the struggling carrier’s senior management and the airline’s board. The meeting was to discuss the airline’s rehabilitation plan…
- 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…
- 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…
- Transport News
Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
- 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…
- Transport News
Thai Airways ranks eighth among world’s top ten airlines
Thai Airways secured a spot among the top ten international airlines in the world, as ranked by Travel & Leisure for 2024. The award, announced today, July 18, places Thai Airways at No.8 on the prestigious list. Travel & Leisure’s World’s Best Awards 2024 surveyed opinions from travellers, tourists, and business people worldwide. This comprehensive survey evaluated excellence in various…
- Thailand News
Tourism Ministry reinstates guarantee for outbound tour operators
Thai travellers faced significant setbacks after some licenced outbound tour operators left them stranded despite purchasing premium packages. In response, the Tourism and Sports Ministry is now seeking enhanced consumer protection measures. The Tourism Department, under the ministry’s supervision, plans to reinstate the guarantee amount for licenced outbound tour companies to 200,000 baht next year. This comes after a pandemic-era…
- Business News
AWC to spice up 10-billion-baht Phenix food centre in Bangkok
A prominent player in Thailand’s real estate sector, Asset World Corp. (AWC), unveiled its latest venture, Phenix, a 10-billion-baht wholesale and retail food centre. Positioned to meet the ongoing demand in the tourism and food segments, Phenix aims to become a new landmark in Bangkok’s bustling food scene. AWC Chief Executive and President Wallapa Traisorat announced that the centre was…
- Thailand News
Elderly man 20 million baht in debt after employer’s deception
An elderly man faces destitution after being deceived by his employer, leading to a debt of 20 million baht and the seizure of his elderly pension, leaving him with no money for food. A member of the local administrative organisation, 46 year old Phongchai reported that a local had been entangled in a bankruptcy case, resulting in a debt of…
- Thailand News
Over 31,000 apply for Thai Senate as 5-year term ends
Over 31,000 people have sought applications to become senators in the Thai Senate as the five-year term of 250 senators, installed by the defunct National Council for Peace and Order, concluded yesterday. The Election Commission (EC) anticipates approximately 100,000 applications for the 200 available senate positions. Thai nationals born in Thailand, who are at least 40 years old and possess…
- Thailand News
Thai Airways’ Boeing and Airbus aircraft sales
Thai Airways International (THAI) successfully sold its entire fleet of 18 retired aircraft, including six Boeing 777-200s, six Boeing 777-300s, and six Airbus A380s. This major move marks a significant step in the airline’s restructuring strategy. THAI CEO Chai Eamsiri confirmed that sales agreements for all 18 aircraft have been signed on May 12. The airline has already completed the…
