rehabilitation
- 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
Significant reduction in lead contamination at Thailand’s Klity Creek
The Department of Pollution Control reported a significant reduction in lead contamination within Thailand’s Klity Creek in Kanchanaburi Province. The contamination levels have plummeted from over 100,000 micrograms per kilogramme to 3,000mg/kg, a marked improvement since the pre-rehabilitation era. Chayawee Wangcharoenrung, the director of the Department’s Domestic Wastewater Management Division, stated that Klity Creek is subjected to rigorous scrutiny every…
- Business News
Thai businesses navigate bankruptcy via national rehabilitation process
The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…
- Thailand News
Child prodigy creates mesmerizing Sak Yant tattoo in Khon Kaen, Thailand
The skills of a child prodigy went viral on Thai social media after he created a traditional Thai tattoo (or Sak Yant) on a customer in the Isaan province of Khon Kaen. The 10 year old child prodigy, Nakrob “Puen” Sooksusi, is considered the youngest tattoo artist in Thailand. Sak Yant is a popular form of tattoo art in Thailand.…
- Crime News
Drug policy outlines by PM, cash rewards to police in busts
The Thai government held an event outlining its plan for stopping the spread of narcotics while simultaneously presenting police with the same sort of reward kickbacks that allowed disgraced police officer Joe Ferrari to amass extreme wealth on a small salary. PM Prayut Chan-o-cha released Thailand’s new urgent narcotics action plan in a special event to discuss drugs in the kingdom.…
- 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…
- Business News
Evidence of Thai Airways’ corruption, mismanagement, sent to Finance Ministry
The Finance Ministry has received 18 documents that show evidence of corruption and mismanagement at Thai Airways. The evidence was submitted by a Transport Ministry panel on corruption, pending a full investigation into “shady dealings” at the battered national carrier. The airline is currently undergoing a rehabilitation process, having filed for bankruptcy protection earlier this year. It’s understood the former…
- 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…
- Business News
Former senior prosecutor says Thai Airways rehab plan will unveil extensive corruption
“…the public would continue to be kept in the dark, while the parasites carried on sucking the blood out of the airline.” A former senior crime prosecutor predicts that the rehabilitation plan for Thai Airways is bound to expose extensive corruption in the management of the stricken airline. Posting on his Facebook page, Wanchai Roujanavong says what’s about to come…
- Business News
Thai Airways may not need to file for bankruptcy in US
Contrary to earlier reports, Thai Airways may not need to seek bankruptcy protection in the United States to avoid seizure of its planes and other assets. A senior official made the announcement after a meeting led by Deputy PM Wissanu Krea-ngam with the struggling carrier’s senior management and the airline’s board. The meeting was to discuss the airline’s rehabilitation plan…
- Business News
No role for Transport Ministry in Thai Airways rehab plan
After initially insisting on having a say in the management of the rehabilitation plan for the beleaguered Thai Airways, the Ministry of Transport has conceded that, with its holding in the airline reduced to less than 50%, it no longer has any jurisdiction over what is now a listed public company. Deputy Transport Minister Thaworn Senneam says the struggling carrier…
- Transport News
Thai Airways has officially lost its state enterprise status
The State Enterprise Policy Committee announced that Thai Airways has lost its state enterprise status after the Vayupak Fund bought a 3.17% stake from the Finance Ministry yesterday. The purchase was undertaken at a price of 4.90 baht per share, with a trade worth 285.2 million baht, leaving the national carrier owning 48% of its own shares and stripping its…
- Economy News
Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
- Covid-19 News
Ministries will give up 10% of their 2020 budget to fight Covid-19 in Thailand
The third round of government measures are set to apply 10% of the country’s fiscal 2020 budget allocated to each ministry, and put into a central funding pool to battle against the Covid-19 pandemic as well as the rehabilitation of the economy. Deputy PM Somkid Jatusripitak says that the central fund will be overseen by PM Prayut Chan-o-cha. “The measures…
- Environment News
Thousands of young coral being moved to deeper water at Maya Bay
PHOTO: Thai PBS Coral bleaching and the annual monsoon are the only threat to the ongoing recuperation of Maya Bay, now that tourists have been away for a year, and probably another two years as well. Maya Bay, on Koh Phi Phi Ley in Krabi province, has been closed since June 1 last year after the environmental destruction of the…
