Thai Airways refused to elaborate on the carrier's exact fleet plan until the Central Bankruptcy Court approves Thai's restructuring proposal. This article is only available for ch-aviation PRO subscribers. Formally, Thai Airways lost its standing as a majority state-owned enterprise in May 2020, when the Ministry of Finance sold a 3.17% stake in the airline, thus reducing its shareholding to 47.9%. Thai Airways Debt Restructuring Plan Approved By Bangkok Bankruptcy Court, Corruption Allegations Spread Further. Thai Airways restructuring plan will lead to hundreds of job losses and a further reduction of its fleet size. ch-aviation GmbH Want to receive the latest aviation news delivered right to your mailbox every week? "Thai Airways will not be dissolved or go into liquidation or be declared bankrupt," Thai Airways Acting President Chakkrit Parapuntakul said in a statement. Summary. Following a meeting with the carrier's board, Supattanapong said the current plan was not specific enough in its financial aspects, including the proposed method for debt restructuring, securing cash reserves, and financing the debt servicing cost. The airline also considered a return to the US using Boeing 787-9 by 2017. This article is only available for ch-aviation PRO subscribers. Thai carrier ended up losing money on every flight. On February 8, 2021, Thai local media outlet Nation Thailand reported about Thai Airways’ plan to lay off 395 pilots as well as retire three types of aircraft in its fleet, as part of its rehabilitation plan. Thai Airways International Airbus A330-300, Spain's Canarian Airways eyes 2Q21 launch, Namibia confirms liquidation of flag carrier, UK CAA to consider revoking flybe. This round of retrenchment means Thai Airways will now employ less than 1,000 pilots. He added that the delay was due to ongoing negotiations with creditors. While Thai Airways initially planned to implement the restructuring plan by the first quarter of 2021, it wasn’t able to finalize and submit the details in time. Thai Airways International (TG, Bangkok Suvarnabhumi) has filed a request with the Central Bankruptcy Court to postpone by one month, or to February 2, 2021, the deadline for submitting its complete restructuring plan, Acting President Chansin Treenuchagron told local media. Bankrupt flag carrier Thai Airways International got court approval for its debt restructuring today as the Central Bankruptcy Court in Bangkok continues to scrutinize the airlines accounts. It follows Thai Airways Acting President Chansin Treenuchagron last month saying the airline’s reorganization was on track and progressing well. Thai Airways International (TG, Bangkok Suvarnabhumi) has filed a request with the Central Bankruptcy Court to postpone by one month, or to February 2, 2021, the deadline for submitting its complete restructuring plan, Acting President Chansin Treenuchagron told local media. 3 Min Read * Airline has posted loss from operations for 6 … Thai Airways International (THAI) is expected to submit its rehabilitation plan to the Central Bankruptcy Court by the deadline of March 2, says Deputy Prime Minister Wissanu Krea-ngam. The airline says 395 pilots will be laid off and it doesn't plan on hiring any more for the next year. 's OL, route rights, Etihad’s focus on smaller aircraft puts fleet plans in limbo, Garuda Indonesia to start inducting freighters in 1H21, Thai Airways to retire A330s but eyes more B787s, Thai Airways considers Thai Smile's future, Thai Airways secures extension to file restructuring plan, Thai Airways pockets $90mn from sale of fuel supplier stake, "News to go" - Ability to view multiple full news articles on one page, Full access to all news articles including exclusive stories reported first by ch-aviation, Extended Search Options for over 7,490 Airlines, Historical Information (Launch/End/Merger details), Search Airlines by Alliance, Airline Type, Status, Search Airlines by Homebase, Country or Routes/Countries served, Search Airlines by Aircraft Type and/or Fleet Size, Legal Name, Address, Phone, LinkedIn page and E-Mail, Average Fleet and Subfleet age and total number of seats, Create your own favorite lists to group News articles, Extended Search Options for over 6,000 Airports, Airport Lists by State, Country or Continent, Aircraft Stored, Scrapped or Written Off at Airport. 7000 Chur However, a further 17.8% stake is currently owned by state-owned Vayupak Fund, while other state-owned banks and financial institutions hold smaller stakes. “More than half of creditors supported restructuring,” the airline’s acting president, Chansin Treenuchagron, told reporters. Thai Airways International Public Co., ... as a result of its restructuring plan, Thai announced it would commence thrice-weekly Tehran service. He added that the delay was due to ongoing negotiations with creditors. Under Thai law, the court-mandated restructuring has to be completed within five years, although this can be extended twice for a year each. Thai Airways International Plc, the nation’s flagship carrier, got court approval for its debt restructuring on Monday. The Thai Prime Minister announced the decision made by the cabinet today as it gave its approval to a rehabilitation plan for the state airline, Thai Airways. However, the service ended on 28 February 2018 and resumed Moscow service from October and November 2016 respectively. It was BAFS's largest shareholder prior to the sale and is now the third-largest. Thai Airways will submit a final rehabilitation plan to the Central Bankruptcy Court based on unanimous approval from all creditors, the grounding of large wide-bodied aircraft such as the Boeing 747 and the reduction of its pilot’s roster from 1,300 to just over 900. © 1998-2021 ch-aviation GmbH. Formally, Thai Airways lost its standing as a majority state-owned enterprise in May 2020, when the Ministry of Finance sold a 3.17% stake in the airline, thus reducing its shareholding to 47.9%. 7000 Chur It follows Thai Airways Acting President Chansin Treenuchagron last month saying the airline’s reorganization was on track and progressing well. Thai Airways said the plan will be implemented through the Central Bankruptcy Court and it would operate as usual as the restructuring took place. Quaderstrasse 8 Switzerland, Phone: +41 (0) 44 508 47 07 Thai Airways has reportedly grounded its fleet of Boeing B747s, in addition to Airbus A330s and A380s, as part of the airline’s restructuring efforts. (Image: PreistmanGoode) Ultimately there is a strong likelihood that Thai will abandon its First Class cabins as a result of the restructuring due to COVID-19. Thai Airways will retrench … The process to restructure the airline began in May when the Thai Government sold down its stake in Thai Airways. The plan for a bankruptcy court-led restructuring of Thailand’s national carrier has been approved. All rights reserved. On Monday, Bangkok’s Central Bankruptcy Court allowed an application to proceed with a formal restructuring process. He also acknowledged that further privatisation of the airline was possible as a way forward. Court grants Thai more time to file restructuring plan 07.01.2021 - 15:23 UTC. Following a meeting with the carrier's board, Supattanapong said the current plan was not specific enough in its financial aspects, including the proposed method for debt restructuring, securing cash reserves, and financing the debt servicing cost. However, a further 17.8% stake is currently owned by state-owned Vayupak Fund, while other state-owned banks and financial institutions hold smaller stakes. All rights reserved. By Pracha Hariraksapitak, Kittiphong Thaicharoen. He added that the delay was due to ongoing negotiations with creditors. After it had used two requests for postponement, the carrier is now facing a rigid deadline of March 2 to submit the rehabilitation plan to the Central Bankruptcy Court. RATCH is a power-generating company active in Thailand, Laos, China, Indonesia,... Want to receive the latest aviation news delivered right to your mailbox every week? Since then, the flag carrier has tentatively listed 30 recently active aircraft for sale. To use the thaiairways.com website, you should ensure that you have cookies turned on in your browser. Thai Airways, which was in financial difficulties even before the coronavirus crisis, will have its debts and finances reorganized and the business revived in a bid to make it a profitable operation. - 04.01.2021 - 07:59 UTC. Embattled Bangkok-based carrier Thai Airways is to lay off 395 pilots as part of its restructuring and rehabilitation plan. Thai officials told the airline to come up with a restructuring plan to avoid bankruptcy. Thai Airways will require about 100 billion baht in cash support to make up for past and future losses. Thai Airways Debt Restructuring Plan Approved By Bangkok Bankruptcy Court, Corruption Allegations Spread Further Bankrupt flag carrier Thai Airways International got court approval for its debt restructuring today as the Central Bankruptcy Court in Bangkok continues to … While RATCH is currently BAFS's largest shareholder, the company also counts Airports of Thailand (AOT) and a number of oil companies among its owners. This round of retrenchment means Thai Airways will now employ less than 1,000 pilots. "We need to do a lot more homework and weigh the information we have carefully to pinpoint the airline's real debt-servicing capacity," Supattanapong said. The transaction was approved by the Central Bankruptcy Court on December 3, formalised on December 23, and concluded on January 19, 2021. The court approved Thai’s request for a rehabilitation plan, which would see its debt and company organisation restructured. Thai Airways International PCL said on Friday it was looking for potential buyers for 34 used Airbus SE and Boeing Co planes as part of its restructuring plan. Thai Airways […] Thai Deputy Transport Minister Thaworn Senneam has ordered Thai Airways International (TG, Bangkok Suvarnabhumi) to come up with yet another restructuring plan, this time focused on the carrier's network, The Bangkok Post has reported.. The Thai flag carrier requested, on December 28, 2020, a one-month extension of the legal deadline falling on January 2. The last three are operated by Bangkok Airways (PG, Bangkok Suvarnabhumi), which holds a 10% stake in BAFS. This will see the airline petition the Bankruptcy Court for protection as it seeks to negotiate a survival plan. Thai Airways, Thailand’s former flagship carrier, which filed for bankruptcy in May last year has, for the second time, requested to have a deadline extended by the Central Bankruptcy Court to present its rehabilitation plan to save the airline from possible liquidation which would be one likely outcome if the current bankruptcy process is not successful. Without an initial cash bailout, it is almost pointless to discuss business restructuring. While I was the head of the corporate finance department at National Finance (now known as Thanachart Bank), I handled many cases of debt restructuring. It will also downsize its fleet to a maximum of 75 aircraft, although he did not clarify whether that number would also include aircraft operated by subsidiary Thai Smile (WE, Bangkok Suvarnabhumi). The Thai government has ordered the board of Thai Airways International (TG, Bangkok Suvarnabhumi) to conduct "a further review" of its proposed rehabilitation plan and develop better solutions regarding, among others, debt restructuring, Deputy Prime Minister Supattanapong Punmeechaow told local media..
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