bankruptcy
- 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
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…
- 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…
- 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
US authorities investigate Goldman Sachs’ role in Silicon Valley Bank collapse
US authorities have launched an investigation into Goldman Sachs‘ work with Silicon Valley Bank (SVB) in relation to the events that led to the collapse of the California-based bank. Goldman disclosed the probe in a recent securities filing, noting that they are cooperating and providing information to various government bodies. The investigation focuses on the bank’s activities for SVB in…
- 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…
- Crime News
Former tennis legend deported from UK
Former tennis legend Boris Becker was deported from the United Kingdom yesterday after serving eight months of a two and a half year sentence for charges relating to a 2017 bankruptcy case. The former world No. 1 tennis player was put on a plane for Germany after he had been released from custody and deported. Becker’s lawyer, Christian-Oliver Moser, made…
- Hot News
THAI Airways makes resurgence with addition of nine more aeroplanes next year
THAI Airways International Plc (THAI), is making a resurgence after it says 60% of its pre-pandemic fleet has resumed service. The company says nine more aeroplanes will be in service next year as the country’s flag carrier says an increase in travel has helped the ailing carrier. Thai Smile Airways, a subsidiary of THAI has also made a resurgence as…
- 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…
- 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…
- Thailand News
Why are Thai Airways leasing 3 Boeing 777-300ER aircraft?
Thai Airways is expanding its fleet by three this month despite going through an ongoing debt restructuring process. The airline is in the process of selling 45 unused jets, yet they are leasing three Boeing 777-300ER aircraft this month. Two 777-300ERs, adorned with Thai Airways paint jobs, landed at Bangkok’s Suvarnabhumi airport on April 5 and another is expected to…
- Business News
More cuts at Thai Airways as flagship carrier continues rehab process
The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. Piyasvasti Amranand says Thailand’s national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. “Thai Airways’ operational performance has progressed satisfactorily in many aspects, including cost reduction and organisational restructuring.” According to a TTR…
- Business News
Thai Airways to resume flights to countries with high vaccination rates
Thai Airways says it will start selling seats on flights to highly-vaccinated destinations from October 1. The struggling national carrier expects to resume flights to the UK, France, and Germany, as well as Japan and Australia. The Bangkok Post reports that airline bosses made the decision after several destinations reported vaccination rates of around 70%. Airline spokesman, Chai Eamsiri, says…
- 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
Nok Air submits business rehabilitation plan, now up for creditor approval
Nok Air handed in its business rehabilitation plan after extending the deadline twice. The airline’s creditors will meet to discuss the plan and decide whether to approve the plan. It would then need to be approved by Thailand’s Central Bankruptcy Court. Nok Air is the second national carrier to file a rehabilitation petition with the Central Bankruptcy Court over the past…
- Thailand News
Thai Airways restructuring plan approved by creditors
The restructuring plan to tackle Thai Airways International’s more than 300 billion baht debt, one of Thailand’s most high profile bankruptcy cases, was approved by the airline’s creditors, its legal advisor told Reuters reporters this afternoon. The plan was approved by 90% of the creditors. It will be reviewed by the Central Bankruptcy Court on May 28. In a previous report,…
- Thailand News
Thailand News Today | Thai Airways decision, Covid Update, farmer hit by lightning | May 12
34 Covid-related deaths reported today, today is a big day in the long-running Thai Airways saga, with 13,000 creditors voting on whether or not to accept the struggling airline’s rehabilitation plan, An unfortunate farmer has been struck and killed by lightning in his rice field in the Phon Sawan district of Nakhon Phanom, British activist Andy Hall has been finally…
- Thailand News
Thailand News Today | Thai government throws TG under bus, new police uniforms | May 10
Forum Moderator Application… HERE In today’s Thailand News Today we look at… State Enterprise Policy Office says the government will not bank-roll a billion-baht cash injection for Thai Airways, Public buses, cars, and motorbike taxis now need to comply with tougher Covid-19 measures, After a 3-day search, a body of a missing fisherman was found off the coast of Lin…
- Transport News
Thai Airways cuts another 4,250 staff, offering them early retirement
4,250 Thai Airways employees have been pushed into an early retirement after failing a screening process for remaining employees. The process was a necessary result of the national airlines’ dire financial situation and current debt restructuring program. Remaining staff are being forced into new, leaner contacts. The 13,554 remaining Thai Airways staff went through the screening program. 9,304 passed, according…
- Transport News
Thai Airways challenging claims of over US$7 billion from leasing companies and Rolls Royce
Thai Airways is questioning claims from the lessors of some of its aircraft and Rolls-Royce, who service some of their aircraft engines. The airline is currently in the middle of lengthy bankruptcy proceedings as the court wades through thousands of creditor claims. The lessor and maintenance claims total over $US$7 billion. Thai Airways says that it’s not liable for the…
- Travel
8 Thai Airlines must provide a business recovery plan or lose out on additional routes
Commercial Airlines Registered in Thailand must provide a business recovery plan or run the risk of the civil aviation authority of Thailand (CAAT) halting the allocation of additional routes. According to reports, eight airlines have been targeted. The 8 airlines on the list from the Civil Aviation Commission (CAC) are Thai Airways, Thai Smile Airways, Nok Air, AirAsia X, VietJet…
- Thailand News
Cash-strapped Thai Airways plans to buy 20 to 30 aircraft in 2025
UPDATE: The acting president for Thai Airways says the company does not plan to buy more airplanes in 2025 and if flight demand goes up, the company will consider renting first. A source told Nation Thailand that the airline plans to buy more planes when the aviation industry recovers, but acting president Chansin Treenuchagron says that is just a “rumour.” …
- Thailand News
Thai Airways lays off hundreds of pilots under debt rehabilitation plan
Hundreds of pilots will be laid off under Thai Airway’s debt rehabilitation plan. The cash-strapped airline, which is buried in a debt around 300 billion baht, has also decided to ground 3 types of aircrafts: the Airbus A330-300 and A380, and the Boeing 747. After months of tackling bankruptcy amid the Covid-19 pandemic, Thai Airways decided to lay off 395…
- Tourism News
The Thai government threw a tourist party (sound of crickets) | VIDEO
The Thai Government, flushed with the success of their containment of Covid-19, decided to market the Land of Smiles to the world as the safe place to travel. With the annual wet season starting to weaken the tourists would flock back to the S E Asian country that had such a remarkable success containing, then almost eradicating itself, of the…
- 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
Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12
Today’s Thailand News Today coming to you from the 17th floor of The Thaiger Bangkok offices. Thai Airways adds another 21.5 billion baht in debt in Q3 report Thai Airways has accumulated more losses, on top of a decade of annual losses, for the latest quarter. At the moment the national airline’s debt is four times higher than last year’s…
- 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…
