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THAI chief confident court will accept airline’s rehab proposal

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THAI chief confident court will accept airline’s rehab proposal

By THE NATION

 

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The acting president of Thai Airways International (THAI) said he is confident that the airline’s rehabilitation plan will pass court consideration and that it is preparing necessary information to propose to the bankruptcy court on August 17.

 

 

This information will support the court’s consideration on two issues: whether THAI should undergo rehabilitation and whether a planner should be chosen in line with the airline’s proposal.

 

Acting THAI president Chansin Treenuchagorn added that on August 17, the court is not expected to consider how much the airline will repay its creditors and when.

 

He added that he was confident the airline’s proposal will be accepted by the court and the planners assigned to deal with the rehabilitation will be capable persons.

 

THAI has said that 80 per cent of both domestic and foreign creditors backed THAI’s rehabilitation plans, while the remaining 20 per cent who did not accept it were mostly debenture holders.

 

A report from THAI said that the airline aimed to propose guidelines for business administration to the court on August 17, including improvements in its fleet and flight routes, its organisation and business unit, commercial strategies and ability to generate revenue and its organisational structure.

The report also said that the rehabilitation planning committee comprised of six members of THAI’s board and the EY Corporate Advisory Services.

 

Source: https://www.nationthailand.com/news/30392985

 

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-- © Copyright The Nation Thailand 2020-08-15
 

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Fail to see how keeping this Dinosoar alive is going to benefit anyone except the freeloaders !

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Just be sure to have a whip round among the passengers for aviation fuel before taking off, particularly from Germany.

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Didn't the government have shared that the offload just before this? Cant be insider trading must be just accurate road kissing. 

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7 hours ago, rooster59 said:

The acting president of Thai Airways International (THAI) said he is confident that the airline’s rehabilitation plan will pass court consideration and that it is preparing necessary information to propose to the bankruptcy court on August 17.

because the country does not want to lose face by cutting the constant money losing THAI ?

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Are these ... (use your imagination) ... ever not proposing some sort of rehab?

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"the court is not expected to consider how much the airline will repay its creditors and when"

Classic! Seems as though the courts have already been "advised" what the outcome should be.....negative audit and all...and creditors can go to hell....they are not even in the plan!

This, if it goes through, will illustrate to the global aviation and financing industry just how shifty Thailand can be.

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4 hours ago, trainman34014 said:

Fail to see how keeping this Dinosoar alive is going to benefit anyone except the freeloaders !

That's what the "rehabilitation" package is all about.. not based on viable commercial business.

Just keep the national carrier in the air, even if it continues to incur huge losses.

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In the current climate all airlines are struggling so how is the situation going to improve with Thai Air, no flights allowed except repatriation ones, 3 from the U.K. maybe a few from other countries. They can’t survive on the income from those very flights ?

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How would they finance the start-up ? Supposedly the money cannot come from government since they own less than 50% though. The plane lessors might let them continue to fly for the moment because there is no market for the planes.

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8 hours ago, trainman34014 said:

Fail to see how keeping this Dinosoar alive is going to benefit anyone except the freeloaders !

Those calling the shots are from amongst the freeloaders!

 

It will surely be approved.

 

What will be more interesting to see is whether they will be extended bankruptcy protection in other jurisdictions - notably Europe. If it is not extended , especially in Europe, as much of their fleet is leased, will their route restructuring options be somewhat limited?

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1 hour ago, herfiehandbag said:

Those calling the shots are from amongst the freeloaders!

 

It will surely be approved.

 

What will be more interesting to see is whether they will be extended bankruptcy protection in other jurisdictions - notably Europe. If it is not extended , especially in Europe, as much of their fleet is leased, will their route restructuring options be somewhat limited?

Now, there is the fly in the ointment! Decision has been made, the rest is just for show. I believe Europe based creditors  will agree, or have already behind the scenes if the 80% figure is factual. 

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