Just to recollect, Mr Piyasvasti was Thai Airways president between 2009 – 2012 and then dismissed by the board over “communication problems” concerning procurement of new aircraft, so basically corruption. Forthcoming actions include a major debt restructuring, deep cost cuts, all-round reorganisation of the company, an income-generating capability shake-up and flight route improvement. By David Flynn, May 18 2020. Although the plan has yet to be officially approved, the aim is to secure the airline’s future by cutting costs, restructuring, and eliminating debt. We reported last week that a $1.8 billion loan from the government would save the airline. Subsequently, the Ministry of Finance reduced its shareholding in Thai Airways to 48 percent, making the airline effectively lose its status as a … Passengers who paid by credit card and are now left hung out to dry might be well advised to attempt a chargeback through their credit card company considering the airline has now filed their case and is officially not completing any refunds anymore. I don’t want to see that they kick out revenue passengers and block some or a whole section on the plane just to accommodate few VVIPs. As Bangkok Post reported today many customers are also out of luck for their ticket refunds. But as the petition was approved in court, Pailin Chuchottaworn, former CEO and president of PTT Plc, quit as a newly-appointed member of the THAI board, citing a violation of an anti-graft regulations. Today we have a new Compensation Clinic case that involved one of my personal experiences at the Bangkok Marriott Hotel The Surawongse where I... © 2011–2021 LoyaltyLobby.com - Site & Contents, Lovely afternoon walking around the #centrohistori, Difficult to find an item that doesn't have this E, Merida nights before the curfew kicks in. Who is going to suffer from all of this? ... THAI AIRWAYS Country: Thailand The board of directors had no resolution of filing for bankruptcy as appeared in the news.”. Your email address will not be published. The losses spiraled to $361m in 2018 and $374m last year. Belmont Lay | May 18, 2020, 11:00 PM . COVID-19 is just one of the reasons that drags it to this point sooner. Thailand's flagship carrier will be restructured with the help of a bankruptcy court, making it the latest airline to succumb to pressure from the coronavirus pandemic. It finally happened: Thai Airways has filed for Bankruptcy Protection in Bangkok’s Central Bankruptcy Court on Tuesday and the petition was accepted on Wednesday afternoon. “Thai’s reform plan has been approved by [Thai’s] board of directors on 17 April 2020 and presented to the State Enterprise Policy Office for consideration on 29 April 2020. Thai Airways to file for bankruptcy after green lighted by SEPOThe company will likely default on its debts by the end of this month. Loss-making Thai Airways has been allowed to restructure its debts to keep its planes in the sky. By. The firm is also reported to be pursuing a Chapter 11 bankruptcy filing in the United States with debts to foreign creditors appearing to be higher than initially anticipated being quoted on Wednesday at 70% of its outstanding liabilities. Thai Airways logged losses of $374.3 million in 2019, $361.9 million in 2018 and $65.8 million in 2017. I want to see more efficient and transparent procurement processes. Thai Airways website has been updated to the affect that they will put THAI Smile back into service on June 1st, serving some domestic routes. The Thai finance ministry will play the role of a guarantor. Thai Airways exits Australia, but extends frequent flyer status . Wonder how much they paid for that 5-, And the sunsets are beautiful too! It operated a fleet of 35 Airbus aircraft, 18 of them A330 wide-bodies. As luck would have it, the bad news didn’t take long to come as the carrier announced that refunds won’t be forthcoming for at least six months as the law prevents THAI from any cash disbursements. Thai Airways currently operates a wide range of long haul aircraft including B747-400, B777-200/ER, B777-300/ER, B787-8, B787-9, A330-300, A350-900 and A380. (I didn’t mean the good lounge facilities that it operates.) Reader Email: Even More Hilton Honors Gold & Diamond Scams In... China’s HNA Group, Owner Of Hainan Airlines/Hong Kong Airlines Declared Bankrupt, Accor ALL Double Status Points & Nights For Entire 2021, Marriott Bonvoy Elite Benefit Guarantees 2021. “Thai Airways will enter a rehabilitation process under the court. ReddIt. The airline has been accumulating losses year on year for over a decade. Thai Airways, like every other carrier in the world, has suffered because of the COVID-19 pandemic and the virtual halt to air traffic. Current Issue. The Cabinet last week adopted a plan for Thai Airways to enter rehabilitation via the Bankruptcy Court, according to the Bankrupcy Act BE 2483. 05 October 2020 - 13 November 2020 Thai Airways might be headed for bankruptcy. Thai Airways airplanes are parked at the tarmac of Suvarnabhumi Airport in Bangkok, Thailand March 25, 2020 REUTERS/Jorge Silva/File Photo BANGKOK -- Thailand's cash-strapped national carrier will look to undergo a restructuring through the kingdom's bankruptcy court, premier Prayut Chan-O-Cha said Tuesday, as the stricken company is battered by the crash in tourism caused by the coronavirus. He brings a strong knowledge of aviation policy, having worked with regulatory authorities on a range of projects. Thai Airways announced Tuesday that the government has approved its proposal for a sweeping restructuring plan to be overseen by the country's Central Bankruptcy Court. Bangkok – Auckland eff 01JUL20 3 weekly 787-9 Bangkok – Beijing Capital eff 01JUL20 3 weekly 777-300ER Bangkok – Brisbane eff 01JUL20 2 weekly 777-200ER This year, Neiman Marcus and J.C. Penney joined the ranks of some of the biggest retail bankruptcies on record, including Sears, Toys R Us and Circuit City. Law Awareness Week 2020. Thai Airways har i årevis kørt med store underskud og havde længe før Corona-krisen store økonomiske udfordringer. Events. Notify me of follow-up comments by email. Thai Airways, like every other carrier in the world, has suffered because of the COVID-19 pandemic and the virtual halt to air traffic. “Thai’s reform plan has been approved by [Thai’s] board of directors on 17 April 2020 and presented to the State Enterprise Policy Office for consideration on 29 April 2020. Thai Airways has posted consistent annual losses since 2013. The airline pledged to continue to take care of customers holding valid tickets as well as members of the Royal Orchid Plus, its loyalty programme. Thailand's bankruptcy court said on Monday it had scheduled two more days of hearings to consider Thai Airways International Pcl's request for restructuring. National – Thailand’s Central Bankruptcy Court has approved of Thai Airways rehabilitation plan under the appointment of EY Corporate Advisory Services and the company’s board members as a team of debt rehabilitation planners. However, I want to see a lot of big changes in management and operation. Global news and insight for corporate financial professionals. He has previously lived in Taiwan and the United States. The airline promptly worked to walk that back, suggesting it was hyperbolic, but it nonetheless underscored that Thai Airways is underperforming and in financial difficulty, propped up by the Thai government. Ted is an Australia-based content editor at SamChui.com. BANGKOK: Thai Airways needs to go through the bankruptcy process in order for the government to usher in complex, make-or-break steps for the national carrier. Thai Airways International and its affiliates incurred a net loss of 12.017 billion baht last year, that’s 448 million baht more than the year before. The Thai flag-carrier has cancelled all flights to Australia and New Zealand for at least four months. Of course this amount will go up with each month where the airline can’t operate. In 2019, it reported losses of 12bn baht. By David Flynn, March 24 2020. … What changes do you think we’ll see at Thai Airways? This is a developing story, more information to come. Asking where the largest companies in the world are located and where the biggest bankruptcies of 2020 have taken place will give, quite unsurprisingly, the same answer. Want daily blog updates delivered straight to your inbox? For latest development, please see this post below: Thai Airways has issued a statement contradicting reports of bankruptcy that have appeared in news outlets worldwide. This time is the turn of Cathay Dragon (once known as Dragonair), a subsidiary of Cathay Pacific that operated throughout Asia. Thai Airways to file for bankruptcy or implement reform plans . The plan will soon be presented to the cabinet for further action. Top Stories. Lovely r, How often do you do remote work at Starbucks? No plans for rehabilitation have been detailed, although it is understood that Thai Airways currently has over 92 billion baht ($2.87 billion) in debt. May 5, 2020; 3 minute read; Advertisement: Struggling national carrier Thai Airways has been given a reason to hope today as it appears the government will support a bailout package for the airline. But it promises to return the money within six months without any fees. From earlier news, the Thai Government has confirmed that its national airline, Thai Airways, will begin restructuring proceedings in a bankruptcy court. I’m not sure if this would change things much. Not only ground operation, but even number of CO crews TG uses in each flight. Take the examples from SQ or CX, how they can manage kind of the same numbers of operation with half of the employees that TG has. Thai Airways is running out of its cash reserves, which reportedly, will last the carrier for one more month and is in the desperate need for a bailout package. Trip Report: Flying With Etihad During Pandemic, Flying The World’s Biggest TurboProp Antonov An-22, Lufthansa “Unusual” Business Class Flight To Dubai + Dubai Arrival Procedures, World's Busiest Air Route Joins UK Travel Ban List With All Flights Cancelled. The government of Thailand announced that their flag carrier Thai Airways will be restructured in a bankruptcy court. #hyatt #worldo, Hyatt Asia-Pacific 20% Off Through May 14, 2021, Le Meridien Bora Bora Closes For Renovations (18 To 24 Months), Thai Airways Postpones Bankruptcy Plan Until March 3, 2021, Some Of Bangkok Airways & THAI Domestic Airport Lounges Shutting Down Again Due To Covid-19, Thai Airways Resumes Mini-Schedule To Chiang Mai & Phuket, Cancels New Year Celebration Flight. The Associated Press. Twitter . Mind you this is an estimate on my side, there are no official figures that would prove- or disprove this right now. Aviation News Novel Coronavirus Thai Airways 6 Comments. RESOLVED: Marriott Bonvoy Sends Targeted Bonus Offers But Cannot Register? At the same time of the court filing the company did a big re-shuffle of their board of management as previously announced. Photo: Getty Images THAI has suffered heavy losses. Cronyism at it’s best! Thai government to table Thai Airways rescue plan at bankruptcy court Plan details and when it will be submitted will be discussed by the Cabinet on Tuesday Tue, May 19, 2020 - 5:50 AM #thailand #marketwatch #TGhttps://t.co/XYkE0rea46. In October the President of Thai Airways told employees that the airline was on the verge of shutting down with only a month's runway to execute a turnaround. As currently it isn’t. …. Thai Airways will be looking to get rid of planes once the coronavirus is over. It is understood that the Thai Government will now extend 58.1 billion baht ($1.4 billion) in lifelines to the struggling airline. The losses spiraled to … A graduate in public health, Ted volunteers for the Royal Flying Doctor Service, providing public health services in the aviation scene. Thai Airways International Plc is a step closer to restructuring via a bankruptcy court after a key government panel backed the plan, which is due for consideration by the Cabinet on Tuesday. Thai Airways’ request for debt restructuring as part of bankruptcy proceedings was approved by a bankruptcy court on Monday. They are not capable since the beginning. National – Thailand’s Central Bankruptcy Court has approved of Thai Airways rehabilitation plan under the appointment of EY Corporate Advisory Services and the company’s board members as a team of debt rehabilitation planners. Thai Airways International (THAI) has admitted that debt rehabilitation has kept it from refunding customers for unused tickets. Thailand has been in a State of Emergency since mid-April, as most international flights are forbidden from landing in Thailand. “The State-Enterprise Planning Office agreed in principle for the rehabilitation of Thai Airways in court… the procedure will be submitted to cabinet tomorrow,”. 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