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Thailand expects liquidity support for Thai Airways next week


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Thailand expects liquidity support for Thai Airways next week

 

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FILE PHOTO: Workers service a Thai Airways Airbus A380-800 aircraft at Bangkok International Suvarnabhumi Airport, Thailand September 3, 2019. Picture taken September 3, 2019. REUTERS/Amr Abdallah Dalsh

 

BANGKOK (Reuters) - The Thai government expects to conclude a capital injection plan for flagship carrier Thai Airways International Pcl (THAI.BK) next week, a government minister said on Thursday.

 

“On the capital needed to support liquidity, it will be clear next week,” Transport Minister Saksayam Chidchob told reporters after a meeting with other agencies on the airline’s rehabilitation plan.

 

He did not give details but in 2010, the government subscribed to newly issued shares to maintain a controlling stakes in the airline.

 

The company’s share price rose more than 14% after his comment.

 

A committee including the finance ministry, which holds a 51% stake in the airline, and the transport ministry was formed to oversee the carrier over the next three to six months, Saksayam said.

 

As a state-owned enterprise, the airline is overseen by multiple government agencies.

 

Southeast Asia’s second-largest economy stands to lose 1.3 trillion baht, nearly all of it in the tourism sector from the new coronavirus, which has infected than 2 million people globally and killed 136,667, according to a Reuters tally.

 

Thailand has a total of 2,672 cases and 46 fatalities.

 

Thailand this week extended a ban on passenger flights until the end of April to limit the spread of the coronavirus.

 

Thai Airways, which suspended its flights last month, was already facing financial trouble, reporting losses since 2017. Losses in 2019 widened to 12.2 billion baht ($385 million) from losses of 11.6 billion baht a year earlier.

 

An official told Reuters earlier that the rehabilitation plan would include reducing the number of plane types in the carrier’s fleet to cut costs.

 

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-- © Copyright Reuters 2020-04-16
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8 minutes ago, snoop1130 said:

As a state-owned enterprise, the airline is overseen by multiple government agencies.

a stellar business model;  this airline embodies thai efficiency,effectiveness, and resiliency, or the contra of all the bests of them...guess which

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29 minutes ago, mr mr said:

'cause i'm leaving on a jet plane. don't know if i'll ever tip my wings again.

 

 Me too, soon.

    It will not be with thai air , overpriced  meals and  service ,  nuff said .

     Qatar , means quality ..

 

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2 hours ago, Phuketshrew said:

No money for the 5,000 baht handouts but keep sinking money into this Albatross. Wouldn't money be better spent feeding the poor?

Wasn't it 400 Billion baht proping up the bond market  last week, and now next week Thai Failways. Drop the story now and test the public's backlash. The priorities are not peoples hunger. The nation is on the 'Covid Diet'. 

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13 hours ago, Phuketshrew said:

No money for the 5,000 baht handouts but keep sinking money into this Albatross. Wouldn't money be better spent feeding the poor?

Yes indeed, but the "officials" would not get their freebie and cut-price THAI tickets!

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10 hours ago, Davo369 said:

Do you think I'll lose my air miles if it goes belly up? 

Got 1000 air miles..

It doesn't get you far Davo369..........I signed up with AirAsia, just went to Oz and back 6 or 7 hour trip, they sent me a sheet of tear off coupons --always get on/off first,  no waiting card last 3 years......5 trips free luggage under plane 20Killo......5 times best seats (the emergency exit rows) 5 times free meals.

Quite surprised --as they were the only plan going direct Brisbane anyway.

 

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11 hours ago, Davo369 said:

Do you think I'll lose my air miles if it goes belly up? 

Got 1000 air miles.. 

It's what they give me when I signed up with thai air  

😂😂

Do you think you can carry then across to another airline ? Muppet

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