webfact Posted May 25, 2020 Share Posted May 25, 2020 Cabinet to be asked to let Finance Ministry proceed with THAI rehabilitation Deputy Prime Minister Wissanu Krea-ngarm will propose to the Cabinet on Tuesday an amendment to its May 19th resolution, to replace the Transport Ministry with the Finance Ministry as the sole authority to craft and administer the rehabilitation plan for beleaguered Thai Airways International. Dr. Wissanu’s agreement to act as the middleman between the Transport and Finance ministries followed a meeting today (Monday), between Transport Minister Saksayam Chidchob, Finance Minister Uttama Savanayana and Dr. Wissanu, over who should be responsible for the rehabilitation plan. Mr. Saksayam said that Dr. Wissanu told them that he is relieved that the issue can be resolved amicably, adding that the Transport Ministry has never been in conflict with the Finance Ministry over the plan. Full story: https://www.thaipbsworld.com/cabinet-to-be-asked-to-let-finance-ministry-proceed-with-thai-rehabilitation/ -- © Copyright Thai PBS 2020-05-26 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
scorecard Posted May 26, 2020 Share Posted May 26, 2020 (edited) What does it mean for the taxpayers of Thailand? What happens in regard to to the current 300BillionBaht debt? Does TG start again, hopefully with a new organization structure, more appropriate aircraft, new staff etc., much better operational/cost efficiency, much better attitudes to customers and with zero debt? These questions and more need urgent and clear answers. Edited May 26, 2020 by scorecard Link to comment Share on other sites More sharing options...
ChipButty Posted May 26, 2020 Share Posted May 26, 2020 45 minutes ago, scorecard said: What does it mean for the taxpayers of Thailand? What happens in regard to to the current 300BillionBaht debt? Does TG start again, hopefully with a new organization structure, more appropriate aircraft, new staff etc., much better operational/cost efficiency, much better attitudes to customers and with zero debt? These questions and more need urgent and clear answers. Coming soon no doubt Link to comment Share on other sites More sharing options...
bluesofa Posted May 26, 2020 Share Posted May 26, 2020 36 minutes ago, scorecard said: What does it mean for the taxpayers of Thailand? What happens in regard to to the current 300BillionBaht debt? Does TG start again, hopefully with a new organization structure, more appropriate aircraft, new staff etc., much better operational/cost efficiency, much better attitudes to customers and with zero debt? These questions and more need urgent and clear answers. You're right about questions needing answers, but clear answers? If anyone in government has anything to do with it, I'm certain there won't be impartial decisions to be made. In my opinion (worth next to nothing) unless Thai becomes completely private with no state involvement at all, then the fat cats at the top - new or otherwise - will still see it as an easy ride with next-to-no-responsibility to make it compete in the real world. Link to comment Share on other sites More sharing options...
Phuketshrew Posted May 26, 2020 Share Posted May 26, 2020 My understanding is that if Thai have filed for bankruptcy then independent official receivers should be brought in to administer this. Or is this bankruptcy the "Thai" way? 1 Link to comment Share on other sites More sharing options...
kingstonkid Posted May 26, 2020 Share Posted May 26, 2020 30 minutes ago, scorecard said: What does it mean for the taxpayers of Thailand? What happens in regard to to the current 300BillionBaht debt? Does TG start again, hopefully with a new organization structure, more appropriate aircraft, new staff etc., much better operational/cost efficiency, much better attitudes to customers and with zero debt? These questions and more need urgent and clear answers. For the taxpayer it unfortunately means more wasted money. Possibly a different crew to get rich off of this mess. As long at the government is the main stock holder it is going to be a government run company. Considering that the main stock holders are government controlled Thai government and GH bank there can not be any changes. The simple solution is that the government put 40% of their stock for sale. Leave them with a 10% share and allow others in the industry to buy them out. There areprobably many airlines that would like to get the property and such that this company owns Just looking at the Fin statement they need to decide if they are an international or domestic carrier Owning SMILE and NOK is costing them money not only in the overhead for these companies but probably in leases as wel Link to comment Share on other sites More sharing options...
kingstonkid Posted May 26, 2020 Share Posted May 26, 2020 6 minutes ago, Phuketshrew said: My understanding is that if Thai have filed for bankruptcy then independent official receivers should be brought in to administer this. Or is this bankruptcy the "Thai" way? Thai had not officially declared bankruptcy. They have talked about it and hinted but until they officially inform the SET and are taken off the market they still work as business as abnormal. The last thing the government wants is to go to bankruptcy. People lose jobs, pension agreements are <deleted> and 10's of thousand and more people out of work and screaming about how bad the government is. There are easy solutions to resolve this but the problem is that the government wants to keep control. Decide what you want to be an ASIAN carrier that only flies as far as Dubai in the west and Japan in the east. If that is the case then sell then just merge NOK SMILE and Thai. If you want to be an international carrier then sell NOK SMILE and concentrate on routes that are financially viable ONLY. Make the employees shareholders.This then gives them a say but also makes them responsible for their own livelihood. This is the part that is going to hurt the most Hire a Foreigner or Foreign company to oversee the transition and to teach the Thais how to do things. Thai has many assets that other companies would love to own that do make money. The problem now is that this is the worst time to be trying to resurrect the airline communities TITANIC There are companies int he states that are trying this bankruptcy idea as well do to all the costs of the pandemic. 1 Link to comment Share on other sites More sharing options...
Misterwhisper Posted May 26, 2020 Share Posted May 26, 2020 2 hours ago, Phuketshrew said: My understanding is that if Thai have filed for bankruptcy then independent official receivers should be brought in to administer this. Or is this bankruptcy the "Thai" way? Yes, it is. Link to comment Share on other sites More sharing options...
Sydebolle Posted May 26, 2020 Share Posted May 26, 2020 Good luck; I understood that the Ministries offloaded a few percent to make TG a private company (which it always was from the beginning as a stock listed company) and now we get all those greedy faces putting their noses into the honey jar ...... Stay tuned, this will turn as well into a hilarious example of how bankruptcy works in Thailand ...... 1 Link to comment Share on other sites More sharing options...
DirtyHarry55 Posted May 26, 2020 Share Posted May 26, 2020 And of course Wissanu expert in legal loopholes exceptions has been made Chairman of the board. Deputy PM Wissanu Appointed as Board Chairman To Monitor Rehab Plan for Thai Airways BANGKOK, May 26 (TNA) - Prime Minister Gen. Prayut Chan-ocha appointed Deputy Prime Minister Wissanu Krue-ngam as the chairman of the superboard, a new panel to monitor the rehabilitation plan for Thai Airways International Pcl (THAI). https://www.mcot.net/viewtna/5eccdd34e3f8e40aef441b97 1 Link to comment Share on other sites More sharing options...
Misterwhisper Posted May 26, 2020 Share Posted May 26, 2020 2 hours ago, DirtyHarry55 said: And of course Wissanu expert in legal loopholes exceptions has been made Chairman of the board. Deputy PM Wissanu Appointed as Board Chairman To Monitor Rehab Plan for Thai Airways BANGKOK, May 26 (TNA) - Prime Minister Gen. Prayut Chan-ocha appointed Deputy Prime Minister Wissanu Krue-ngam as the chairman of the superboard, a new panel to monitor the rehabilitation plan for Thai Airways International Pcl (THAI). https://www.mcot.net/viewtna/5eccdd34e3f8e40aef441b97 Yup, no surprise there. It also is telling you exactly how that "rehab plan" is going to turn out. Link to comment Share on other sites More sharing options...
holy cow cm Posted May 26, 2020 Share Posted May 26, 2020 As long as it is still controlled by the military government, it is time to have the Thai protest and let it die so these big wig elites ( military) stop getting pleasure at a free cost and then making dividends. Link to comment Share on other sites More sharing options...
herfiehandbag Posted May 26, 2020 Share Posted May 26, 2020 12 hours ago, Phuketshrew said: My understanding is that if Thai have filed for bankruptcy then independent official receivers should be brought in to administer this. Or is this bankruptcy the "Thai" way? No need for all that palaver - we have 'Dr" Wissanu to act as the arbiter of these matters. Link to comment Share on other sites More sharing options...
Traubert Posted May 26, 2020 Share Posted May 26, 2020 12 hours ago, Phuketshrew said: My understanding is that if Thai have filed for bankruptcy then independent official receivers should be brought in to administer this. Or is this bankruptcy the "Thai" way? No. They have filed for bankruptcy in the US as well. Link to comment Share on other sites More sharing options...
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