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“No liquidity crunch” – Thai Airways’ President

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“No liquidity crunch” – Thai Airways’ President | Thaiger

PHOTO: Sumeth Damrongchaitham, Thai Airways’ President

“Deputy PM says the rehabilitation plan had been implemented for a while now, but there was still no sign of the losses easing.”

The President of national flagship carrier Thai Airways International is denying reports that it is experiencing a liquidity crunch.

Sumeth Damrongchaitham claims that Thai Airways has sufficient cash flow “for present and future operations”. He is denying reports that the airline is in trouble or experiencing a liquidity shortage. Sumeth added that the management has given top priority to maintaining liquidity and has drawn up a loans plan on the “most prudential basis”.

The Nation reports that, as of the end of June this year, the national airlines’ revolving credit line accounted for 13.4% of the total projected revenue for the year.

“This indicates that the carrier still has adequate cash reserve in hand.”

He also assured customers, trading partners, shareholders, related parties and the general public that the legacy carrier has no liquidity crisis.

This week Deputy PM Thaworn Senniam said he will hold a meeting with the airlines’ management on October 10 to seek ways to clear the national carrier’s accumulated losses. The minister said the meeting will discuss Thai Airways’ existing rehabilitation plan which he does not believe will help the carrier succeed in a turnaround. Thaworn says the rehabilitation plan had been implemented for a while now, but there was still no sign of the losses easing. He believes Thai Airways will first have to revise the plan within three months.

Thai Airways directors asked executives of the national carrier to review plans to procure 38 more aircraft worth a combined 156 billion baht, two weeks ago. The governing board instead cited a “fast-changing situation” in asking for a fresh plan within the next six months.

Recently Sumeth said that Thai Airways operations will not be affected by its board’s demand for the review of plans to procure the new aircraft.

According to the Thai Airways second-quarter 2019 filing to the Stock Exchange of Thailand, the airline and its subsidiaries had total revenue of 42.509 billion baht, a 10% decrease year on year.

For the second quarter Thai Airways and its subsidiaries had one-time expenses that included impairment loss of assets and aircraft in the amount of 172 million baht. The gain on foreign currency exchange was 522 million baht, mainly from balance sheet revaluation. Consequently, Thai Airways and its subsidiaries reported the net loss of 6.878 billion baht, compared to the loss of 3.086 billion baht over the same period last year.

SOURCE: The Nation

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The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more

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The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | Thaiger

PRESS RELEASE

The Thiager and its sister company Tadoo, have announced they will enter a strategic partnership with the Bangkok-based fintech company, Masii.

Having joined forces with Masii, The Thaiger aims to provide its 6 million-plus monthly users with exclusive deals and packages such as the Thailand re-entry package, comprising of the Certificate of Entry (COE), Covid-19 Travel Insurance and a Covid-19 Test.

Sapir Matmon, of Tadoo, says “This tie-up will allow us to provide our readers with all-inclusive packages specifically designed to make the whole process of coming back to Thailand as simple as possible. And by booking through us, all service fees will be waived – a saving of more than 1,000 Baht. We’re confident you won’t find a better price in the market right now.”

The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | News by Thaiger

“We can provide everything you need to enter Thailand hassle-free and within 12 hours, which is the fastest in the market.” Says Maxwell Meyer, CEO of Masii.

Covid-19 has drastically accelerated the industry’s movement toward shifting products and services online.

Sapir says “We are tremendously pleased to welcome the Masii team and work alongside Maxwell, as one of the stars of the local fintech scene.”

Tadoo, The Thiager’s sister company, has also teamed up with Masii on their Thai price comparison platform, tadoo.co, which offers a similar range of products including, insurance, finance, internet, and mobile.

The goal of Tadoo is to bring clarity to the Thai market and assist consumers in making better-informed choices by offering a quick and convenient solution for getting the products they want without the hassle.

For more information on the Thailand Re-Entry Full Package, click HERE.

The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | News by Thaiger

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Coronavirus (Covid-19)

Aviation authority calling for 20,000 vaccine doses for crew, ground staff

Maya Taylor

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Aviation authority calling for 20,000 vaccine doses for crew, ground staff | Thaiger
PHOTO: Christian Junker on Flickr

The Civil Aviation Authority of Thailand is calling for vaccine doses to protect around 20,000 airline crew and ground staff before the country re-opens to international tourists. The CAAT says it’s vital that those working in the aviation industry are protected and has submitted its request to the Centre for Covid-19 Situation Administration.

According to Suthipong Kongpool from the CAAT, there are around 20,000 airline employees, including crew and ground staff, who will need to be vaccinated. As 2 doses are required, a total of 40,000 doses are needed to fully protect staff. The Bangkok Post reports that the CAAT will meet on Thursday to review the aviation sector’s readiness for when the country re-opens without international arrivals having to quarantine.

Suthipong says they are seeking enough vaccine doses to protect employees of Thai-registered carriers.

“It’s a confidence-building measure for tourists and those providing the services to them.”

From July, the southern island of Phuket will be the first part of the country to waive quarantine for vaccinated international arrivals, subject to 70% of local residents being vaccinated. The “sandbox” project is a pilot programme that will be expanded to other areas if it proves successful. Between October and the end of the year, 5 other provinces – Phang Nga, Surat Thani, Krabi, Chon Buri, and Chiang Mai – are expected to adopt the programme. Officials hope to be able to re-open the country fully from January 2022.

According to the CAAT, the first foreign visitors expected to return to Phuket will be Chinese tourists, given that country’s success in managing the pandemic. Meanwhile, the CAAT says Thailand will see a 7% increase in air traffic this month compared to last, with a total of 36,150 domestic and international flights.

SOURCE: Bangkok Post

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Business

Labour union angry over changes to Thai Airways staff contracts under rehab plan

Maya Taylor

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Labour union angry over changes to Thai Airways staff contracts under rehab plan | Thaiger
PHOTO: Wikimedia

Union representatives are questioning changes made to the employment terms of Thai Airways staff as part of the national carrier’s debt-restructuring plan. The labour union claims the changes have removed or diluted several staff entitlements and welfare benefits, pointing the finger at acting president, Chansin Treenuchagron, who signed the orders.

The union is calling on the Department of Labour Protection and Welfare to review the changes to check if they align with a debt-restructuring plan submitted to the Central Bankruptcy Court. According to a Bangkok Post report, the union believes the signed orders may go against the terms of the rehab plan currently being reviewed by creditors. They include an order related to the company’s new organisational structure, as well as the screening of workers who will continue to be employed by the carrier during and after the rehab process.

Union representatives accuse the airline of changing the terms and conditions of employee contracts, meaning weaker welfare benefits. They are asking the DLPW to confirm if the changes comply with the 1940 Bankruptcy Act, the 1975 Labour Relations Act, and the 1998 Labour Protection Act. The union says that if the changes are found to violate the acts, Chansin should be ordered to cancel the orders and draw up new employment terms that comply with the airline’s rehab plan and with employment law.

SOURCE: Bangkok Post

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