THAI seeks govt help in keeping foreign creditors at bay

[webfact]

THAI seeks govt help in keeping foreign creditors at bay

By The Nation

 

 

Thai Airways International (THAI) is seeking government support in four areas, ranging from negotiating with foreign creditors to revising contracts previously signed with other state enterprises.

 

Prapas Kong-led, director general of the State Enterprise Policy Office, said on Thursday (June 4) that the airline is seeking government help after the Central Bankruptcy Court accepted its appeal for rehabilitation. 

 

THAI also wants the government to look at its time slots in order to boost its competitiveness as well as that of its alliance airlines, said Prapas, who is also secretary of the government committee formed to follow up on the airline’s rehab plan. 

 

The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. 

 

Prapas said the national carrier wants the government to coordinate negotiations where foreign creditors are concerned, as THAI wants them to accept its rehab plan under Thailand’s Bankruptcy Court. 

 

The airline also wants the government to help negotiate financial dealings with other state enterprises, such as PTT and the Airports of Thailand.

 

Now that the Finance Ministry has brought its stake in the airline to below 50 per cent, THAI has lost its state-enterprise status and wants to revise contracts it made with state agencies, Prapas said. 

 

Meanwhile, Deputy Agriculture and Cooperatives Minister Mananya Thaiset said the 86 savings cooperatives need to find common ground when it comes to the Bt43 billion that THAI owes them. Of the 86 cooperatives, 85 invested in the airline’s debentures and one bought shares.  

 

The carrier owes a total debt of Bt300 billion, and if the cooperatives do not stick together, they may not get reasonable compensation as foreign creditors may take all of THAI’s assets, the minister warned.

 

Source: https://www.nationthailand.com/business/30389070

 

-- © Copyright The Nation Thailand 2020-06-05

 

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[holy cow cm]

8 minutes ago, webfact said:

Now that the Finance Ministry has brought its stake in the airline to below 50 per cent, THAI has lost its state-enterprise status

White wash and smoke and mirrors all done with a Thai smile..

[Misterwhisper]

Keeping creditors at bay? So... you don't want to repay what you have so confidently borrowed, or at least delay that nagging duty for as long as possible? How THAI of you! 

[colinneil]

So Thai airways want the government protect them.

When they start flying again chances are some of their planes will end up being seized when they fly into other countries,

Now that will be a BIG loss of face, but is what is likely to happen.

American creditors will be out of luck, as Thai dosnt fly there anymore.

[ChipButty]

They have every right to try and recover their debts who the F@@k do Thai think they are? any business having to carry that amount of debt do they get any protection? doubt it.

[smedly]

1 hour ago, webfact said:

Now that the Finance Ministry has brought its stake in the airline to below 50 per cent,

meaning they have wiped their hands of the debt

 

Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen 

[Justgrazing]

1 hour ago, webfact said:

 

Prapas said the national carrier wants the government to coordinate negotiations where foreign creditors are concerned, as THAI wants them to accept its rehab plan under Thailand’s Bankruptcy Court

Sort it out yourselves .. The idea of getting govt' involved is to strong arm the negotiations to T A's advantage .. Another aspect of this is major aircraft components such as engines requiring overhaul are sent back to manufacturers or certified overhaulers outside of Thailand and can be held back until legal and financial issues are resolved .. not only engines are worth a lot of money they are a bargaining asset that T A need and cannot operate without .. 

[Cake Monster]

The ramifications of not paying the Debts to their Foreign Creditors could get very ugly indeed.

Creditors that are owed huge amounts of money by Thai will stop at nothing to retrieve their outstanding debts from Thai, and the Thai Government ( Re Smedly post ).

Hell hath no fury like a Bank that is owed Money

[steven100]

56 minutes ago, ChipButty said:

They have every right to try and recover their debts who the F@@k do Thai think they are? any business having to carry that amount of debt do they get any protection? doubt it.

thai's seem to think that if they owe debt to anyone else they don't have to pay. 

I hope they close down THAI for good, I hope they are not allowed to fly into most countries because of creditors being owed billions of baht. 

close the door on your way out  ! ..... 

[steven100]

22 minutes ago, smedly said:

meaning they have wiped their hands of the debt

 

Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen 

I hope creditors go after them with an axe

[steven100]

2 hours ago, webfact said:

The carrier owes a total debt of Bt300 billion, and if the cooperatives do not stick together, they may not get reasonable compensation as foreign creditors may take all of THAI’s assets,

one can only hope

 

 

 

Edited June 5, 2020 by steven100

[bodga]

2 hours ago, webfact said:

foreign creditors may take all of THAI’s assets, the minister warned.

Ooooooooooooh  those evil foreign devils.

[BobbyL]

With Wissanu chairing this committee it tells you everything you need to know. This is a man whose built his whole career by pawning himself to anyone in power and lied in any way possible to protect the establishment.

 

 

 

[Borzandy]

3 hours ago, webfact said:

keeping foreign creditors at bay

And about my bought ticket ???? As I'm foreigner.....

[JusticeGB]

The bankruptcy committee hasn't been formed yet nobody can deal in the assets or liabilities of Thai Airways.  The protection is for creditors to be treated fairly and equally so the airline can continue trading. Not that Thai creditors can get preferential treatment over "dirty farang" creditors!

[petermik]

8 hours ago, smedly said:

 

 

Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen 

"could be challenged as illegal"....rather like the last governments rice pledging scheme....but now it,s the army in control so rest assured no illegal activities in this case.....

[dutchweller]

I just want my refund promised by Thaiairways after they canceled my flight 3 months ago.

Give me my money you grubby scumbags.

I will never fly with you again if you do start flying again.

 

[rasmus5150]

3 hours ago, webfact said:

The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. 

That's a lie.

TG are cancelling flights mid July to Northern Europe - and reschedules the tickets in August (3rd rescheduling for me).

August flights are already fully booked now - but the question is........ Will they ever fly?

 

Never ever fly TG again ????

[chainarong]

In the normal process , the receiver appointed would be doing all this not Government departments.

[Bender Rodriguez]

remove THAI completely and put airasia and other cheap carriers on suvi...

 

than I don't have to travel 50 km to the old airport, lol

[NeoDinosaw]

4 hours ago, Justgrazing said:

Sort it out yourselves .. The idea of getting govt' involved is to strong arm the negotiations to T A's advantage .. Another aspect of this is major aircraft components such as engines requiring overhaul are sent back to manufacturers or certified overhaulers outside of Thailand and can be held back until legal and financial issues are resolved .. not only engines are worth a lot of money they are a bargaining asset that T A need and cannot operate without .. 

I seem to remember that Thai bought some engines from Rolls Royce not too long ago - and that squeeky clean British company seemed to have been handing out vast sums money in bribes in order to get the conract.

Edited June 5, 2020 by blackcab
Please do not modify someone else's post in your quoted reply, either with font or color changes or wording.

[pixelaoffy]

4 hours ago, colinneil said:

So Thai airways want the government protect them.

When they start flying again chances are some of their planes will end up being seized when they fly into other countries,

Now that will be a BIG loss of face, but is what is likely to happen.

American creditors will be out of luck, as Thai dosnt fly there anymore.

Love to see that ! A big airplane with ' 'Thai' on the side and held for non payment of debt 

[johnny49r]

6 hours ago, webfact said:

THAI seeks govt help in keeping foreign creditors at bay

Maybe all those attack choppers and used submarines purchased by the military won't go to waste after all!

[Justgrazing]

11 minutes ago, NeoDinosaw said:

I seem to remember that Thai bought some engines from Rolls Royce not too long ago - and that squeeky clean British company seemed to have been handing out vast sums money in bribes in order to get the conract.

Quite possible .. But even owning the engines over leasing them does not exclude them from requiring overhaul and or modifications overseas as Thailand does not have an accredited overhaul facility .. 

[Justgrazing]

2 hours ago, rasmus5150 said:

6 hours ago, webfact said:

The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. 

That's a lie.

TG are cancelling flights mid July to Northern Europe - and reschedules the tickets in August (3rd rescheduling for me).

August flights are already fully booked now - but the question is........ Will they ever fly?

 

Never ever fly TG again

Wissanu telling porkies .. Surely not .. 

[blackcab]

What stuns me is that individual members of the savings cooperatives are not rushing to withdraw their funds while they still can.

[natway09]

I have been through this before.

If Thailand would just do this properly.

Have they gone into receivership or not ? If so nothing to do with the Government or Thai Airways now in the  active sense. They have to stop meddling

They are there to answer questions & are sworn to answer truthfully (ouch) to the appointed International Receiver & any specialists that the receiver has appointed.

Yes, has to be an International Co as many debtors are as well.

If they tryingt to avoid any of their planes being confiscated then this is the only way to do it.

The PM of Thailand or the Highest Judge in the land's  orders mean absolutely nothing once offshore.

 

[Swimfan]

where are they getting the cash to get back in the air ? Probably from all the tickets they have not refunded ?

[Fex Bluse]

THAI is done. I love it. 

[ExpatOilWorker]

6 hours ago, smedly said:

meaning they have wiped their hands of the debt

 

Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen 

Thai Airways shares are still being traded.