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Cabinet to be asked to let Finance Ministry proceed with THAI rehabilitation


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Cabinet to be asked to let Finance Ministry proceed with THAI rehabilitation

 

2019-01-05_122418.png

 

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/

 

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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 by scorecard
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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

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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.

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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

 

 

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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. 

 

 

 

 

 

   

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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 ...... 

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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

 

 

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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. 

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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.

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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.

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