Thai Airways submits bankruptcy request, court says

[snoop1130]

Thai Airways submits bankruptcy request, court says

 

FILE PHOTO: Workers service a Thai Airways Airbus A380-800 aircraft at Bangkok International Suvarnabhumi Airport, Thailand September 3, 2019. Picture taken September 3, 2019. REUTERS/Amr Abdallah Dalsh

 

BANGKOK (Reuters) - Thai Airways International Pcl <THAI.BK> on Tuesday submitted a request to a bankruptcy court for rehabilitation of its debt, the court said, which if approved would give the airline time to negotiate with its creditors.

 

Earlier this month, Thailand's cabinet approved a plan to restructure the company. Along with all airlines, Thai Airways has been hard hit by the impact of the novel coronavirus.

 

"Thai Airways submitted a request for rehabilitation with the Central Bankruptcy Court .... the court is reviewing the documents before accepting the request," the court's public relations office told Reuters.

 

Approval would allow an automatic stay on debt repayment, allowing negotiation with creditors.

 

Even before the coronavirus led to the grounding of flights across the globe, Thai Airways was in difficulty.

 

It posted losses every year after 2012, except in 2016 and for 2019 reported losses of 12.04 billion baht ($377.3 million).

 

On Monday, the airline appointed four new board members, including its former chief executive, Piyasvasti Amranand, who ran the airline from 2009 to 2012.

 

Last week, the government reduced its shareholding in the national carrier to 47.86%, ending the airline's status as a state enterprise under Thai law.

 

But as majority shareholder, the government still has a say.

 

On Tuesday, Thailand's cabinet appointed deputy minister Wissanu Krea-ngam to lead a committee to represent the government in the rehabilitation process, government spokeswoman Narumon Pinyosinwat said.

 

-- © Copyright Reuters 2020-05-26

 

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[bkk6060]

One of the worst managed airlines I ever flew.

I stopped using them years ago.

Good luck with your bankruptcy.

[kotsak]

12 hours ago, snoop1130 said:

On Tuesday, Thailand's cabinet appointed deputy minister Wissanu Krea-ngam to lead a committee to represent the government in the rehabilitation process, government spokeswoman Narumon Pinyosinwat said.

Seems they didn't get the GT<deleted>O memo yet...

 

[petermik]

I do hope there will be money left in the kitty to give the directors a decent "thank you" handout for all their sterling work.........

[holy cow cm]

I love Thai airways but at this point let it sink into oblivion as it is only a façade being a lie for restructuring to appease the military government and its elite.

[Blumpie]

I didn't mind Thai..  I flew first class a few times and it was just great.  (or was it business class?).   

The only hope that I have is that foreign ownership takes hold and guts it with a knife.  It will show Thais how poorly it was run.  

Get rid of all those people who's job had no meaning and were just there for nepotism.  

[Blumpie]

And if you had any hope of getting a refund, unfortunately it's where the titanic is now.

[orchis]

27 minutes ago, snoop1130 said:

Along with all airlines, Thai Airways has been hard hit by the impact of the novel coronavirus.

like there were no other problems ever hahaha

[Rimmer]

A post has been removed, be very careful what you write on here it can get you banned!

[Justgrazing]

1 hour ago, snoop1130 said:

 

On Monday, the airline appointed four new board members, including its former chief executive, Piyasvasti Amranand, who ran the airline from 2009 to 2012.

Bit like rearranging deckchairs on the Titanic that is .. 

[surangw]

their executives bailing out on golden parachutes about now?

 

[johnray]

The greedy animals still take a salary when the company has trouble.  Running it into the ground.

[ChrisY1]

11 hours ago, Blumpie said:

I didn't mind Thai..  I flew first class a few times and it was just great.  (or was it business class?).   

The only hope that I have is that foreign ownership takes hold and guts it with a knife.  It will show Thais how poorly it was run.  

Get rid of all those people who's job had no meaning and were just there for nepotism.  

And that’s probably why foreign ownership or management won’t happen

[BobbyL]

Thailand's cabinet appointed deputy minister Wissanu Krea-ngam to lead a committee to represent the government in the rehabilitation process

 

????

 

Wissanu's whole role is to protect the establishment at all costs. Absolutely nothing will change. 

[scorecard]

11 hours ago, Justgrazing said:

Bit like rearranging deckchairs on the Titanic that is .. 

Good points however I recall well that Khun Piyasvasti Amranand was doing well, he had changed some key policies for the better but ran into serious road blocks from the powerful and was promptly emoved.

 

I'd give this guy a chance. 

[Srikcir]

2 hours ago, ChrisY1 said:

And that’s probably why foreign ownership or management won’t happen

I'm sure Chinese billionaire Jack Ma, owner of Lazada, can find a way.

[edwinchester]

Less than zero chance of me flying Thai ever again unless a refund appears for our cancelled flights.

[tomazbodner]

14 hours ago, snoop1130 said:

On Monday, the airline appointed four new board members, including its former chief executive, Piyasvasti Amranand, who ran the airline from 2009 to 2012.

Now THAT is interesting. This was probably the best executive THAI ever had, turned the company around, and made a profit. But as he cancelled all that free seats for the VIPs, he was promptly removed and replaced with a more VIP-friendly CEO. Had he still been at the helm of TG now, they would probably not have made a loss in the past 8 years.

Edited May 27, 2020 by tomazbodner

[Sydebolle]

To clarify "the government" appointed four new board members on Monday .... despite the fact, that last week, "the government" reuced its shareholding in the national carrier to 47.86%, ending the airline's status as a state enterprise under Thai law.

Irrespective of whatever shuffling happened with the shares, "the government" still has a say as it remains the biggest (not the majority) shareholder. 
Yesterday, "the government" appointed Wissanu Krea-ngam to lead a committee to "represent the government" in the rehabilitation process ....... 

You cannot rehabilitate a bankrupt company and Wissanu Krea-ngam has as much a clue of running an airline controlling/running committee as an elephant of flying. 

The problem was, is and remains the government, which happens to put its fingers into each and every cookie jar. Unless this is understood and stopped, nothing will change. 

In all fairness, Thai (TG) was a private stock listed company with a majority shareholding. Instead of letting experts run it, they farted into each and every meeting, positioned their friends and relatives into all sorts of positions and filled business and first class seats with non-paying passengers. The very same majority shareholder never blinked with the eye once the Rolls-Royce-engine bribery surfaced and all those financial pits and dungeons were nicely filled regularly with "the government" financial help - which came from ........ the tax payer. 

I've written off mileage accruals due to their lousy recording system and me not having kept the boarding pass (although they could have looked up the passenger list, if I was on board or not) and likewise I've written off refunds. 

Let Thai go down the halligally, sell the assets at 10% of their present market value (go and sell 100 aircraft into a totally oversaturated market of indefinitely stored aircraft), possibly to some people close to the action; I - for one - will never ever use a government owned or government run airline in Thailand. 

What a decline from 30 years ago, when TG was run by real and honest airline professionals, making money and being a bright star on Asia's aviation sky priding Thailand. What a shame - history will refer to this tits-up as yet another Corona victim, which is another white lie to cover up a hundreds of billion Baht sheer bottomless sinkhole, which was brought to a screeching halt by bankruptcy! 

[PETERTHEEATER]

16 hours ago, snoop1130 said:

for rehabilitation of its debt

Ha ha! Don't  you just love the way they phrase it........Sorry, the crematorium is the next stop.

[rasmus5150]

6 hours ago, edwinchester said:

Less than zero chance of me flying Thai ever again unless a refund appears for our cancelled flights.

My flight was also cancelled, but just rescheduled to a later date in July. You should still be able to fly on the rescheduled tickets.

[edwinchester]

On 5/27/2020 at 3:50 PM, rasmus5150 said:

My flight was also cancelled, but just rescheduled to a later date in July. You should still be able to fly on the rescheduled tickets.

When our flight was cancelled we were offered a reschedule or refund. We chose refund and as such since been told our tickets no longer exist.