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THAI airways to sell assets to raise more funding


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I had my booking for a flight in may 2020 cancelled, then my flight in September 2020 cancelled, I looked yesterday on Thai airways to maybe get a refund but the way the refund policy was worded would suggest that I would probably never get the refund in my lifetime, so I extended my ticket duration untill the end of December 2022...making the assumption that Thai airways will still exist..

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Perhaps it would be better if they company changes its focus to retail baked goods and sells of the airline business to more capable hands.

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16 hours ago, essex boys said:

I had my booking for a flight in may 2020 cancelled, then my flight in September 2020 cancelled, I looked yesterday on Thai airways to maybe get a refund but the way the refund policy was worded would suggest that I would probably never get the refund in my lifetime, so I extended my ticket duration untill the end of December 2022...making the assumption that Thai airways will still exist..

Watch this date..

March 1st.

If an acceptable plan isn't in place, its game over..

They have already had multiple extensions since August 2020.

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18 hours ago, KannikaP said:

To whom?

The government moved to reduce its holdings down to 48% last year when all this started. 

Thus removing its liabilities. 

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Ouch. Not the best landing ever. That'll leave a mark.

 

THAI Announces Operating Results 2020

 

https://www.thaiairways.com/en_TH/news/news_announcement/news_detail/THAI-Announces-Operating-Results-2020.page

 


Thai Airways plunges to record full-year net loss; faces possible delisting

 

Thai Airways has reported its worst-ever full-year net loss – dragged down by significant one-time costs – as it faces possible delisting from the Stock Exchange of Thailand (SET) because of negative equity.

 

For the year ended 31 December, Thai, which is in the middle of debt restructuring, posted a net loss of Bt141 billion ($4.69 billion), widening the Bt12 billion net loss it reported in 2019.

 

https://www.flightglobal.com/airlines/thai-airways-plunges-to-record-full-year-net-loss-faces-possible-delisting/142610.article

 

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15 minutes ago, mtls2005 said:

Ouch. Not the best landing ever. That'll leave a mark.

 

THAI Announces Operating Results 2020

 

https://www.thaiairways.com/en_TH/news/news_announcement/news_detail/THAI-Announces-Operating-Results-2020.page

 


Thai Airways plunges to record full-year net loss; faces possible delisting

 

Thai Airways has reported its worst-ever full-year net loss – dragged down by significant one-time costs – as it faces possible delisting from the Stock Exchange of Thailand (SET) because of negative equity.

 

For the year ended 31 December, Thai, which is in the middle of debt restructuring, posted a net loss of Bt141 billion ($4.69 billion), widening the Bt12 billion net loss it reported in 2019.

 

https://www.flightglobal.com/airlines/thai-airways-plunges-to-record-full-year-net-loss-faces-possible-delisting/142610.article

 

 

I am sure THAI will rise again like a phoenix from the flames...or maybe not.

 

Anyway, sometimes massive crises like COVID create the pressures and conditions for long overdue changes, such as at THAI.

 

Elsewhere today, the military are even talking about reducing the number of generals, so it seems every crisis has a silver lining. 

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On 2/25/2021 at 9:05 AM, Patong2021 said:

Thai Airways is primarily an international airline. Prior to Covid shutdown iits domestic business was  much smaller than its inernational. . How would you expect an international airline which flies widebodies with 300-500 pax to compensate for that loss with narrow bodies that carry 162-168 pax?

If you look at domestic market share;  Air Asia -35%, Thai Lion - 20% - Nok -18%. This leaves less than 30% of domestic market to Thai subsidiary Thai Smile.

 

I don't think you are are fair and honest to Thai Airways.

 

 

Thai airways has been an appallingly run business for a long time.  Annual profits for the four years prior to Covid below.  Its been mired in cronyism, nepotism, bad management, aging aircraft etc..  Pity the poor shareholders.  Scammed.  Annual profits below

 

−(minus) 12,042 million baht (2019)
−(minus) 11,625 million baht (2018)
-(minus) 2107 million baht (2017)
+15.14 million baht (2016) etc...

 

 

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When will they ever learn? Quite a few of big business are run like this in Thailand. As you know when you have total control of the company 51% and up what does one expect.  Get overseas experience in to most of theses companies and what them fly

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2 hours ago, realfunster said:

 

I am sure THAI will rise again like a phoenix from the flames...or maybe not.

 

Anyway, sometimes massive crises like COVID create the pressures and conditions for long overdue changes, such as at THAI.

 

Elsewhere today, the military are even talking about reducing the number of generals, so it seems every crisis has a silver lining. 

If it weren't state owned Thai would've gone bust 10-15 years ago.

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22 hours ago, elgenon said:

Time to hire an outside corporation to fun the darn thing. My friend, a retired airline pilot and former air force pilot, would tell me the quality of the different airlines. He would always mention that air crews at Thai got their jobs by working connections, not by merit. A little scary? I would assume the execs are same same.

Yes all 700 + of them. And  they all get free flights with their families.

 

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2 minutes ago, Huckenfell said:

Yes all 700 + of them. And  they all get free flights with their families.

 

I may be right in saying that Thai Airways still only hires Thai nationals as pilots?

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16 minutes ago, Huckenfell said:

Yes all 700 + of them. And  they all get free flights with their families.

 

Ahh! The good life! Government employees may not make a huge amount but there's always a bit of squeeze on the side.

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19 hours ago, bloodyholly said:

Meanwhile in another office further down the corridor.....

“The national flag carrier of Thailand, Thai Airways, is reportedly looking to buy between 20 and 30 aircraft when it expects the aviation industry to have recovered in 2025. The plan is to refresh its fleet of aircraft with newer fuel-efficient planes as it recovers from the fallout brought about by the COVID-19 pandemic”

 

 

Lease, not buy.

 

Heard this rumor, assume it's in the "plan", which is to pivot to 787/A350 Y/J direct, non-stop, low price.

 

Not sure this will work. In fact I know it won't.

 

 

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3 minutes ago, mtls2005 said:

 

 

Lease, not buy.

 

Heard this rumor, assume it's in the "plan", which is to pivot to 787/A350 Y/J direct, non-stop, low price.

 

Not sure this will work. In fact I know it won't.

 

 

There's also where they are gonna find the billions to buy the planes, or $500,000 - $1 million a month to lease them?

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13 minutes ago, Andrew65 said:

There's also where they are gonna find the billions to buy the planes, or $500,000 - $1 million a month to lease them?

 

Well, that will be in the "plan". Obviously.

 

Assume it calls for rattling the cup towards current creditors, then widening the field.

 

Other than a share (stock) in the "new" airline, can't see them offering much other than bonds/interest?

 

Look, I expect the "plan" to be underwhelming, but will wait to see it before passing absolute judgement.

 

Management, employees have a long, long, long road ahead, assuming some sort of exit from bankruptcy does occur.

 

 

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1 minute ago, mtls2005 said:

 

Well, that will be in the "plan". Obviously.

 

Assume it calls for rattling the cup towards current creditors, then widening the field.

 

Other than a share (stock) in the "new" airline, can't see them offering much other than bonds/interest?

 

Look, I expect the "plan" to be underwhelming, but will wait to see it before passing absolute judgement.

 

Management, employees have a long, long, long road ahead, assuming some sort of exit from bankruptcy does occur.

 

 

One way of looking at it, the COVID19 crisis has given them some breathing space, there haven't been many places that they can fly to anyway?!🙂

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I  used to see the money amount that airlines supposedly lost, and would wonder how they were still in business.  Then I finally 

noticed that it was only a loss of the profits they were forecast to make.  If Thai Air does go bankrupt, for sure, then I will know that

they have actually lost too much money, and all the rich people in the background have lost money as well.  For now this airline has way too many

people as execs etc, and really needs to get rid of most of them.  Maybe then they have a slight chance to survive.

Geezer

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On 2/27/2021 at 9:30 AM, Andrew65 said:

I may be right in saying that Thai Airways still only hires Thai nationals as pilots?

I believe that they would consider hiring a Burmese, if he was prepared to live in a shack at the back of the control tower, and work for ThB 250 a day, 28 days a month.

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