Covid-19 impact: Eight airlines seek over Bt24 billion in soft loans from government

[webfact]

Eight airlines seek over Bt24 billion in soft loans from government

By THE NATION

 

 

With the recent addition of NokScoot, eight airlines are seeking low-interest loans from the government and the total amount sought has risen to Bt24.15 billion due to the Covid-19 impact, a source said on Thursday (April 16).

 

The Cabinet had on March 26 approved loans totalling Bt16 billion to seven airlines who had suffered due to Covid-19. The eighth airline, NokScoot, later decided to also apply for the loan, prompting the group to send a fresh letter to the Ministry of Finance, increasing the sought loan amount to Bt24.15 billion.

 

The eight airlines and the loans they seek are:

 

▪︎ Bangkok Airways, Bt3 billion

 

▪︎ Thai AirAsia, Bt4.5 billion

 

▪︎ Thai AirAsia X, Bt3 billion

 

▪︎ Thai Lion Air, Bt3.75 billion

 

▪︎ Thai Vietjet Air, Bt900 million

 

▪︎ Thai Smile, Bt1.5 billion

 

▪︎ Nok Air, Bt4 billion

 

▪︎ NokScoot, Bt3.5 billion

 

The airlines have asked for an interest rate of 2 per cent for five years, with the first payment of principlal and interest scheduled for January 2021.

 

To keep their businesses afloat and retain the services of over 30,000 employees, the airlines will need the government to disburse 25 per cent of the total loan amount within April.

 

Source: https://www.nationthailand.com/news/30386196

 

-- © Copyright The Nation Thailand 2020-04-17

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[petermik]

ooh dear more ploblems for Mr P and his cronies....

[Assurancetourix]

It's strange, I don't see Thai Airways in this list;
there is Thai Smile which belongs to it but not the parent company which is over-indebted ;

 

in fact if thai airways were on the list it would take many more billions just to reset the accounts.

[Searat7]

I think THAI is being refinanced by the government next week.  About time for the submarines to arrive ? 

[Burma Bill]

Thailand overall is in total financial crisis -watch the baht fall!

[Skeptic7]

20 hours ago, Burma Bill said:

Thailand overall is in total financial crisis -watch the baht fall!

Well I'm certainly hoping for it...but none of the other myriad crises over the 2 decades since "Tom Yum Goong" of '97 have sapped any of it's strength. Place NEEDS some comeuppance! 

[Laza 45]

On 4/17/2020 at 7:56 PM, Searat7 said:

I think THAI is being refinanced by the government next week.  About time for the submarines to arrive ? 

...the subs have been cancelled..

[Somtamnication]

Bangkok Airways, owned by one of the 19 tycoons? He owns Koh Samui airport, Andaman Casino and other things? He should loan to the airlines, not the govt.!

[Cryingdick]

On 4/17/2020 at 9:47 AM, Burma Bill said:

Thailand overall is in total financial crisis -watch the baht fall!

 

Yeah as opposed to some place like the USA that is doing so well they are giving every citizen free money. 

[lujanit]

3 hours ago, Laza 45 said:

...the subs have been cancelled..

Not cancelled, just the delivery date has been postponed.

[spiekerjozef]

Somebody better start to print some extra cash.

[Henryford]

On 4/17/2020 at 8:47 PM, Burma Bill said:

Thailand overall is in total financial crisis -watch the baht fall!

The baht will get stronger. These requests are peanuts compared to the $ trillions the Western nations are printing for their lockdowns. Thailand will give people a one off 5000 baht (maybe). The UK is giving people 100,000 baht a month.

Edited April 19, 2020 by Henryford

[madmitch]

On 4/17/2020 at 9:52 AM, Assurancetourix said:

It's strange, I don't see Thai Airways in this list;
there is Thai Smile which belongs to it but not the parent company which is over-indebted ;

 

in fact if thai airways were on the list it would take many more billions just to reset the accounts.

THAI don't want a loan....they want a very large gift!

[cornishcarlos]

36 minutes ago, lujanit said:

Not cancelled, just the delivery date has been postponed.

 

It will be even more obsolete by the time they get it ????