bankrupt
- Business News
Bitcoin plunges 20% following launch of US Bitcoin ETFs
Bitcoin, the world’s leading digital currency, has seen a sharp decline of nearly 20% since January 11. This follows the launch of the inaugural Exchange-Traded Funds (ETFs) that invest directly in Bitcoin. The downturn has been attributed to increased caution among investors regarding the potential effects of these new financial products. On the day of the ETFs’ launch, Bitcoin soared…
- Thailand News
Stranded in Thailand: Bankrupt foreign woman unable to return home
A foreign woman sought assistance from locals in Krabi province in the southern region of Thailand after she ran out of money. She is unable to return to her home country, the United States. A cannabis shop owner near Ao Nang Beach in Krabi posted the story of the foreign woman on Facebook yesterday. He said the woman bought cannabis from…
- World News
Sri Lanka PM tells bankrupt nation to prepare for ‘difficult journey’
The Sri Lanka prime minister told the nation to prepare for “a difficult and bitter journey” as he declared the country bankrupt and prepared to approach the International Monetary Fund for a loan. PM Ranil Wickremesinghe yesterday declared Sri Lanka “bankrupt” before making public that he had approached the IMF to figure a way out of the nation’s worst financial…
- Thailand News
Thai Airways president says “no,” they’re not buying more airplanes in 2025
After news that the bankrupt airline was planning to buy 20 to 30 more passenger jets in 2025, the Thai Airways International acting president says “no,” there is no plan to purchase more aircraft, and if flight demand goes up, the strapped-for-cash company will consider renting first. Nation Thailand reported that the airline was planning to buy up to 30…
- Phuket News
Can Phuket survive? Interview with Bill Barnett | VIDEO
Interview with Bill Barnett from c9Hotelworks. Phuket has now been hit with a 3rd major crisis, each one more profound than the long-term effects from the 2004 tsunami. Now the island has new restrictions imposed on arrivals on the southern island, imposed by the Phuket Provincial Authority.
- Business News
Thai Airways delays take off in 2021 | VIDEO
Due to the current outbreak of Covid-19, Thai Airways, Thailand’s flagship airline, is reducing its international flight schedule until at least March 27. A limited schedule of domestic flights are still operating as normal under the airline’s domestic carrier Thai Smile. Thai Airways will reduce international flights to the following destinations: Asia •Hong Kong: One daily return flight – TG638/TG639…
- Thailand News
20 more people suspected of being involved in corruption at Thai Airways
20 people are suspected of corruption and mismanagement within the national airline that led to massive losses for Thai Airways International. The news, announced by police and deputy head of the commission investigating the airline, Saroj Nimaroen, comes as little surprise to anyone who has been following the demise of Thailand’s legacy airline over the past decade. The airline is…
- Thailand News
Thai Airways sells warehouse items and leases offices for extra cash
In its latest move to generate just a little more cash in the midst of bankruptcy, cash-strapped Thai Airways is leasing out its office buildings and auctioning off in-flight items like bowls, cups, mugs and packages of “refreshing tissue.” Thai Airways also recently put 34 passenger airplanes on the market. With the coronavirus-induced travel restrictions, Thai Airways cannot operate fully…
- Economy News
UPDATE: SET suspends trading of Thai Airways shares
UPDATE: Trading in Thai Airways shares was suspended by the Stock Exchange of Thailand this afternoon after auditors declined to sign off on its financial statements for the six months to June 30. Auditor Deloitte Touche Tohmatsu Jaiyos said it couldn’t reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created…
- Economy News
Thai Airways loses 28 billion baht in the first half of the year
Embattled, bankrupt Thai Airways suffered about 28 billion baht in losses for the first 6 months of this year, mainly attributable to the Covid-19 pandemic, which has seriously impacted its operations and crushed global travel, grounding fleets and shuttering many airlines altogether. The airline’s acting president said today that the pandemic has led to many countries, including Thailand, closing their…
- Economy News
Thai Airways to operate repatriation flights to Denmark, Taiwan
Thai Airways has arranged 2 repatriation flights to Taipei and 2 to Copenhagen this month, to bring back foreign nationals who were stranded by the Covid-19 pandemic. The airline’s acting president says the Taiwan flights will fly on August 5 and 14, leaving Suvarnabhumi Airport at 8:25am and arriving in Taipei at 1:05pm local time; Chansin Treenuchagron said the flights…
- World News
AirAsia’s wings may be clipped permanently
Malaysia’s budget airline AirAsia could become the next casualty of the Covid19 pandemic, which has grounded fleets around the world and already forced the demise of NokScoot, another regional budget carrier. AirAsia’s auditor is warning that the airline’s future is in “significant doubt” due to the collapse in demand for air travel caused by the coronavirus and regional governments closing borders.…
- Tourism News
Covid-19 crisis sees nearly 100 Koh Samui hotels put up for sale
The economic devastation of the Covid-19 pandemic on Thailand’s tourism and hospitality sectors has been inestimable, with foreign arrivals banned since March and hotels nationwide ordered shut in April. Some around the country have since re-opened but nearly 100 hotels on the tourist island of Koh Samui are now for sale. The president of the Tourism Association of Koh Samui…
- Politics News
Thai Airways to lay off 30% of its staff
“THAI will stop repaying all debt and start from scratch.” The government announced today that Thai Airways will have to dismiss more than 6,000 employees after entering into receivership proceedings and a debt moratorium of 200 billion baht. The Cabinet decided to push Thai Airways into a bankruptcy procedure under the Bankruptcy Act and ordered the Ministry of Finance to…
- 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…
- Economy News
Airline on brink of collapse, TG president warns
The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…
- Travel
UPDATE: Thomas Cook financial collapse
“These insolvency proceedings do not involve the continental and Nordic businesses.” The UK Thomas Cook businesses are now under the control of the official receiver who has appointed AlixPartners and KPMG as special managers to oversee the liquidation, and in the case of AlixPartners, to work with the business to assist the UK Civil Aviation Authority on repatriation of existing…
