Thai Airways
- 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…
- Transport News
Nok Air blames some of its losses on MPs who don’t show up for flights
Part of Nok Air’s current losses are being blamed on privileged MPs, who receive free flights on the budget carrier but don’t turn up for their flights. Somboon Uthaiwiankul, secretary for the government’s House Speaker, says the issue was brought up by executives of the airline during a meeting with the House Speaker, Chuan Leekpai. The executives told him last…
- 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…
- Economy News
Thai Airways creates “survival team”
Beleaguered national flag carrier Thai Airways has created a so-called “survival team” to work out a business plan to support its debt rehabilitation, according to a source at the airline. The company filed for bankruptcy protection on May 19. The survival team is tasked with producing a business plan, effective through October 31. The airline’s acting president has ordered the…
- Business News
AOT considering joint venture with Thai Airways to keep services running
The company that runs 6 of Thailand’s airports says it wants to work with Thai Airways to ensure airport services can continue while the national carrier goes through a “rehabilitation” process and struggles with the loss of business caused by the Covid-19 crisis. Airports of Thailand president Nitinai Sirismatthakarn says the AOT board is in talks about a joint venture…
- Chiang Mai News
Chiang Mai International Airport sees more traffic
Northern Thailand’s gateway airport is recovering some of its flight and passenger traffic. With the easing of travel restrictions enforced to fight the spread of Covid-19, the director of Chiang Mai’s international airport says traffic is picking up, and more flights and passengers are expected this month. On average, the airport received 40 flights and about 4,000-5,000 passengers per day…
- Food
Chon Buri coffee shop in a converted aircraft ordered to close temporarily – VIDEO
A novel coffee shop set up in a decommissioned Airbus 330 has been ordered to close temporarily after the business simply became too popular after going viral on social media. It’s understood thousands of customers a day were arriving for a latte or cappuccino from “Coffee War” in Sattahip, a district in the south of Chon Buri province. Manager Suttipong…
- Business News
Outrage over 75,000 baht travel allowance for senior execs at Thai Airways
The deputy leader of Thailand’s Democrat Party, Samart Ratchapolsitte, has slammed Thai Airways management for granting senior executives a monthly 75,000 baht “travel allowance”. Posting on Facebook, he decries the allowance granted to anyone holding the position of executive vice president at the long-struggling airline. Thailand’s national carrier, run as a state enterprise until it filed for bankruptcy protection, is…
- Thailand News
Thailand News Today – Wednesday, June 10
Thai Airways takes action to protect its planes from seizure Struggling national flag carrier Thai Airways is petitioning 3 countries to try and avoid their planes being seized by creditors. The cabinet was informed about the filing of debt rehabilitation requests in foreign countries by Deputy PM Wissanu Krea-ngam, who chairs the committee tasked with coordinating a solution to the…
- Transport News
Thai Airways takes action to protect its planes from seizure
Struggling national flag carrier Thai Airways is petitioning 3 countries to protect its assets, including aircraft, from seizure by creditors. Government spokeswoman Narumon Pinyosinwat made the announcement yesterday. The cabinet was informed about the filing of debt rehabilitation requests in foreign countries by Deputy PM Wissanu Krea-ngam, who chairs the committee tasked with coordinating a solution to the airline’s problems.…
- Business News
Thai Airways petitions overseas creditors not to confiscate its aircraft
Thailand’s beloved but beleaguered national carrier is appealing to creditors in Switzerland, Japan and Germany not to seize its aircraft, while a similar request is being prepared for US creditors. If each country’s court approves the petition, Thai Airways assets will be protected against seizure when they fly into their jurisdictions. In particular, the airline will not risk having its…
- 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…
- Thailand News
Thailand News Today – Friday, May 29
Thailand Covid-19 figures 11 new cases of Covid-19 virus in Thailand, same as yesterday. Of the number, all were reported as imported cases coming from Kuwait. All were Thai nationals returning from overseas and have been placed into a mandatory 14 day state quarantine. For the 4th day in a row, Thailand has announced zero locally transmitted cases. Radio station…
- Covid-19 News
Thai Airways can’t refund 24 billion baht in unused tickets
Thai Airways’ recent declaration of bankruptcy and debt rehabilitation has left many holders of unused tickets high and dry. The carrier grounded its fleet in early April due to the Covid-19 crisis, and is now unable to refund tickets purchased for the period since. The troubled national flag carrier’s PR department said yesterday it is unable to offer refunds at…
- Business News
New Thai Airways board will nominate 4 ‘professionals’ to execute restructure
Thai Airways first took off as the national airline on May 1, 1960 with its first passenger-carrying flight. 60 years later it’s now poised for a massive dissection as it enters bankruptcy proceedings and restructuring. It’s 60th birthday passed without fanfare or announcement as the pride of the nation scrambles for survival – a victim of a global pandemic, years…
- 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…
- 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…
- Economy News
Thai Airways union says it won’t oppose bankruptcy proceedings
“We opposed this position before but after reexamination, we have to show creditors that Thai Airways will genuinely follow the restructuring plan. Including adjustments to the board and staff.” In an abrupt reversal, the president of Thai Airways’ labour union announced yesterday that the union won’t oppose the government’s plan to reduce holdings in the airline and restructure the carrier…
- Thailand News
Thai Airways’ credit rating downgraded
The credit rating for Thai Airways will be downgraded before bankruptcy restructuring takes place. Tris Rating (Thai Rating and Information Services) has downgraded the company rating for Thai Airways and its rating for Thai Airway’s senior unsecured debentures from “BBB” to “C” while maintaining a negative Credit Alert. Following the government’s resolution yesterday it seems that the national carrier has…
- Thailand News
Thailand News Today – Tuesday, May 19
Thailand’s new Covid-19 cases – May 19 Today the Centre for Covid-19 Situation Administration, reported 2 additional cases of Covid-19 bringing the total number of cases in Thailand to 3,033. No further deaths have been confirmed today, leaving the accumulated toll at 56. The 2 new cases were the daughter and son in law of a previously confirmed Covid-19 patient…
- Business News
Thai Airways files for bankruptcy protection
Despite Thai Airways issuing a press statement and taking to social media to deny rumours it intends to file for bankruptcy, various media reports appear to confirm the struggling carrier will file for Chapter 3/1 of the Corporate Reorganisation section of the Bankruptcy Act. This is the Thai equivalent of Chapter 11 bankruptcy in the US. TTR Weekly reports that…
- 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…
- Transport News
Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
- Economy News
Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
- Thailand News
Thailand News Today – Thursday, April 30
Thailand Covid-19 update: 7 new cases, no new deaths The CSSA has announced this morning that Thailand had only 7 new cases of the Covid-19 nationwide in the previous 24 hours. 3 of the new cases were imported, meaning that they came from Thai nationals returning to the country from overseas. All were immediately quarantined. Only 4 cases came from…
- 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…
- Pattaya News
Airbus pulls the plug on the joint Thai Airways’ maintenance facility at U-Tapao
Airbus, the European multinational aircraft manufacturer, has pulled the plug on an 11 billion baht joint venture with Thai Airways. The project was to develop a maintenance, repair and overhaul facility at the U-Tapao Airport in Rayong province. The airport also serves the seaside resort of Pattaya. The pull out is a huge blow to the Thai Government’s much hyped…
- Covid-19 News
Thai aviation will take to the skies with strict new anti-virus guidelines
“Little of this, plus the additional hassles at check in and immigration, is going to help entice tourists to return to Thailand in the short-term.” Looking at the new ‘normal’, post April 30 in Thailand, we are now starting to see how commercial aviation may have to function for, at least, the immediate future. Suffice to say, flying around is…
