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Panel to look into repayment of debts THAI owes to savings cooperatives

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Panel to look into repayment of debts THAI owes to savings cooperatives

By The Nation

 

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The 17 savings cooperatives that have bought Thai Airways International (THAI) debentures have agreed to establish a committee to follow up on the repayment of these debentures, Poramate Intarachumnum, chair of the Cooperative League of Thailand, said on Tuesday (June 2).

 

He made these remarks after attending a meeting with the 17 savings cooperatives and a team of consultants from Dhipaya Life Assurance to discuss options of solving problems related to the THAI debentures.

 

“The meeting decided to establish a committee, which will include representatives of the savings cooperatives, to follow up on the repayment of the THAI debentures,” he said.

 

Poramate added that the committee will also discuss the option of an allowance of doubtful accounts and building accounting records with the Cooperative Promotion Department and the Auditing Department.

 

“We believe THAI will be able to recover under the bankruptcy law, though this rehabilitation process should not have an impact on the status and performance of the savings cooperatives,” he added.

 

Source: https://www.nationthailand.com/business/30388959

 

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-- © Copyright The Nation Thailand 2020-06-03
 
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5 hours ago, worgeordie said:

What about those ticket holders .who also need to be repaid. 

regards worgeordie

I am one, Thai told us yesterday that our flight on 4th of July to Paris is maintained.......for sure.

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5 hours ago, worgeordie said:

What about those ticket holders .who also need to be repaid. 

regards worgeordie

YOU,  will always be the last repaid, if any left...

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"should not have an impact on status and performance of the savings cooperatives"

In a bankruptcy the company has lost capital value due to irreversible losses to the extent it is not any longer liquid enough to continue borrowing.

Doesn't that mean by definition that THAI's creditors will not be made immediately whole but must accept some diminished debt claim against the company for the company to continue operating, ie., under chapter 11? As such there is a predictable minimum short term impact on savings cooperatives interests. If their debt were offered immediately for sale, who'd believe they would fully recover at 100%. Given THAI's disreputable long history of failed performance, savings cooperatives would be fortunate to get back 30% on THAI's debt.

 

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Posted (edited)
9 hours ago, webfact said:

building accounting records with the Cooperative Promotion Department and the Auditing Department.

Does this imply that they currently are not required to meet accounting / audit standards? I sense a request for another government bail-out in the wind.

Edited by bangkokfrog
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No need to worry. The highly trusted Wissanu is chairman of the committee so he will see that it is sorted effectively. 

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9 hours ago, webfact said:

“We believe THAI will be able to recover under the bankruptcy law, though this rehabilitation process should not have an impact on the status and performance of the savings cooperatives,” he added.

dream on ....    recover how ?  there liabilities is 244 billion baht of which most is owed to creditors.  You think any supplier is ever going to service them again without cash up front  ?

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5 minutes ago, BobbyL said:

No need to worry. The highly trusted Wissanu is chairman of the committee so he will see that it is sorted effectively. 

it was all just a bad misunderstanding 

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21 hours ago, worgeordie said:

What about those ticket holders .who also need to be repaid. 

regards worgeordie

Last in the pecking order.

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Chop it up, and sell the pieces 

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What's the scrap value of a 747? 

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They deserve the massive international shame coming to them. 

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What assets does an airline have apart from landing slots and headquarters premises, all the planes will be leased I imagine?

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