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Banyan Tree Group bags seven accolades

Legacy Phuket Gazette

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PHUKET: The Banyan Tree group clinched seven awards at the recent Travel & Leisure ‘China Annual Travel Awards 2016’, adding to a growing list of accolades for the Banyan Tree brand.

The luxury lifestyle magazine named Banyan Tree Phuket as the winner in the ‘Best Spa Resorts’ category, while also recognizing Laguna Golf Phuket as one of 2016’s top ten golf courses.

In China, three other hotels and spas under the group were awarded ‘Best Resort Hotel’, ‘Best Newly-opened Spa’ and ‘Best Spa Resort’.

Travel & Leisure magazine also named Banyan Tree Spa as the ‘Best Spa Brand’, while Banyan Tree Hotels & Resorts won in the ‘Best Hotel Group’ category.

Travel & Leisure is the only magazine of its type with a bilingual version published in China. It caters to readers with an interest in travel and luxury products.

Travel & Leisure Golf plays a leading role in covering the golf industry, and the two magazines have a combined circulation of 850,000. This year’s awards ceremony was held on March 2 in Shanghai, with Des Pugson, managing director of Banyan Tree Hotels & Resorts, on stage to receive the awards on behalf of the group.

The Travel & Leisure ‘Annual Travel Awards’ reflect recommendations from tourism industry executives, business travellers, journalists and editors.

The awards for Banyan Tree Phuket and Laguna Golf Phuket come just months after they were hailed as ‘Thailand’s Best Golf Hotel in 2016’ and ‘Asia’s Best Golf Course’ by the World Golf Awards.

Set on Bang Tao Bay, Banyan Tree Phuket offers an 18-hole course and full club facilities at Laguna Golf Phuket, where long fairways and strategically-placed bunkers bring an extra element of challenge for players.

Banyan Tree Phuket also offers a selection of restaurants, sports facilities and tropical pool villas for guests.

For more information, email phuket@banyantree.com or call 076-372400.

 

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Business

Thailand’s airlines call for meeting with PM to discuss soft loans

Maya Taylor

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PHOTO: Flickr/Ferry Octavian

The Thai Airlines Association says 7 member airlines are pushing for a meeting with PM Prayut Chan-o-cha to discuss the option of soft loans. The carriers have been seeking this financial aid for some time and have even decreased the amount being asked for, from 24 billion baht last year to 14 billion now.

The Bangkok Post reports that representatives from Thai AirAsia, Thai AirAsia X, Bangkok Airways, Nok Air, Thai Smile Airways, Thai Lion Air, and Thai Vietjet Air want to meet the PM to discuss what progress, if any, has been made on the matter. Wutthipong Prasartthong-osod from the TAA says the loans would give the carriers the support they desperately need at this time, with the association also putting the request in writing.

The airlines previously met with the PM last August to discuss the proposal, with the TAA pointing out the situation has worsened considerably since then. The ongoing third wave of Covid-19 has led to a reduction in flights, which has had a significant impact on revenue.

In addition, carriers are struggling to meet the ongoing costs of operating flights and paying workers. The association says the provision of soft loans would cushion the impact and help domestic tourism. It is also calling on the government to vaccinate airline staff, given that they are frontline workers in the tourism sector.

The Bangkok Post reports that in February, the Finance Minister, Arkhom Termpittayapaisith, was hesitant in his response to the call for soft loans, with the Export-Import Bank of Thailand asked to come up with some form of financial assistance for the airlines. According to Arkhom, providing soft loans or bringing such lending under the Public Service Account would mean his ministry having to take responsibility for the difference between market interest and soft loan interest.

SOURCE: Bangkok Post

 

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Thailand

Thai Airways debt restructuring vote pushed back to next week

Tanutam Thawan

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Photo via Wikimedia

The vote on Thai Airways International’s debt restructuring plan has been postponed and rescheduled for next week. The national airline needs the plan to be approved by more than 50% of creditors to move forward with the bankruptcy proceedings.

The airline’s total liabilities stack up more than 300 billion baht. With flight suspensions over the past year brought on by travel restrictions to prevent the spread of Covid-19, Thai Airways lost 141 billion baht last year.

Thai Airways has proposed a 3-year freeze on the loan repayments as well as a 6-year delay on bond repayments. The airline is also pushing to have unpaid interest on loans waived.

Debtholders discussed the plan during a video conference today and decided to delay the vote, a legal advisor to Thai Airways told reporters. Back in March, Thailand’s Finance Minister, which is the airline’s largest shareholder, had implied that they back the debt restructuring plan. An attorney representing the creditors had also said many favoured the proposed restructuring.

SOURCE: Bloomberg

 

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Thai Airways’ creditors to vote on rehab plan today

Maya Taylor

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PHOTO: Pixabay

Today is D-Day for Thai Airways, with 13,000 creditors voting on whether or not to accept the struggling airline’s rehabilitation plan. According to a Bangkok Post report, a source at the airline has warned that should creditors reject the plan, the carrier will be declared bankrupt and they would only receive 12.9% of what they’re owed.

In the event of a bankruptcy declaration, the airline’s assets will be appraised to decide how much of its debts can be repaid. The estimate of 12.9% is based on the value of assets currently held by the carrier.

The Bangkok Post reports that the rehabilitation plan which was submitted in March covers debts of around 410 billion baht. It’s understood major shareholders own around 180 billion baht of that debt between them. Should the rehab plan be accepted today, it’s likely Thai Airways will be given a certain timeframe in which to turn itself around.

The plan calls for the repayment period of debts arising from unsecured bonds worth 70 billion baht to be extended to 10 years, with a debt moratorium in the early stages of repayment. The airline is also introducing tough cost-cutting measures, including job reductions via early retirement for thousands of its 20,000 workers.

It’s understood the plan does not call for the Ministry of Finance to provide a loan but says anyone can obtain the loan and the ministry can help with cash injection negotiations. The State Enterprise Policy Office has already stated that the government will not re-capitalise the airline.

SOURCE: Bangkok Post

 

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