bankruptcy
- 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…
- Tourism News
Is Booking.com in trouble? Thousands of hotels go unpaid
Booking.com is the most popular hotel booking website in the world, but a recent trend of leaving thousands of partner hotels unpaid for months on end has some questioning the brand’s solvency and reliability. This may, in turn, lead to guests losing their money booking through the platform as suffering hotels cancel or don’t honour bookings they aren’t getting paid…
- 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…
- Tourism News
Thai Airways rehab plan soars ahead of schedule
The embattled Thai flag carrier has sold at least eight aircraft and other non-core assets since October, as part of Thai Airways‘ rehab plan. Thai Airways International updated its ongoing bankruptcy rehabilitation to the Stock Exchange of Thailand (SET). THAI, whose subsidiary – Thai Smile, made global headlines yesterday after a mid-air brawl captured on video went viral– said in…
- 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…
- Tourism News
- 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 video news
Good Morning Thailand | Chris Parker “Retired Working For You”, Auto translate fail, Sandbox update
Today we spoke with Chris, “Retired, working for you” about his YouTube page, popularity and future videos. Thai Airways restructure plans. Auto translate removed from Facebook… why? All the latest headlines and news from Thailand.
- 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
Thai Airways debt restructuring vote pushed back to next week
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…
- 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
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…
- 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 | Thai Airways corruption, Southern floods, Border Covid outbreak | Dec 3
Thursday’s edition of Thailand News Today, including the latest in the local cases popping up in Northern Thailand. Thailand’s most watched English language news. 20 more people suspected of being involved in corruption at Thai Airways 20 people are now under suspicion of corruption and mismanagement within Thai Airways as accountants unravel the massive losses for the airline, spanning a…
- 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…
- Thailand News
Thai Airways to auction off 34 used passenger aircrafts
Anyone want to buy an airplane? In the midst of tackling bankruptcy, Thai Airways is auctioning off 34 old passenger aircrafts. The aircrafts are around 12 to nearly 30 years old and are sold on an “as-is, where is” condition. The airline has been strapped for cash. As part of a debt rehabilitation plan, nearly 5,000 employees – a fourth…
