Thai Airways ponders bankruptcy as it enters rehab

[Andrew65]

5 minutes ago, GAZZPA said:

If they don't squash the corruption and cronyism then it's finished anyway. Time for them to face the situation that they created for themselves.

Lots of foreign airline execs wouldn't want to work with all the corruption and cronyism, no matter how much the salary was. I think the CEO of Cathay is leaving his job there soon (known about for a long time, pre-COVID), or has already.

Co-incidentally, the boss of Emirates is soon to leave his job, or has already.

Edited May 18, 2020 by Andrew65

[DrTuner]

Double tap, burn the bones, send the ashes to orbit, make it a capital offense to say the name aloud.

 

Yet still the zombie rises.

[StevieAus]

6 hours ago, Huckenfell said:

Lucky for you that you were not flying with Air Asia, i had 2 flights cancelled, but was only given the chance to request a voucher for later flights. Incidentally , to date i have only received 'promises.

I think you are in a better position with Air Asia than Thai Airways, AirAsia has offered the option to fly for up to two years from the date of cancellation and if you read the “ fine print” there is an option to apply for a refund to be considered on a case by case basis.

[elliss]

4 hours ago, PatOngo said:

Because they like to ponder! ????

 

       Lonely as a cloud .

[SupermarineS6B]

No brainer.... Flog it to the new owners of the country...... let's face it, they'll be needing planes to ferry round all those "Quality" tourists...... Chinas new airline....... Air Ching Chong !  

[GAZZPA]

Agree 100%. 

[spidermike007]

Let them go bankrupt. They have been costing the nation alot of money, for a long time. They are a "has been", on the international scene, and a once very good airline. But, that was a long time ago. And it is best to privatize. State monopolies might work in North Korea, Uganda, Egypt, Bolivia, Oman and Iran, but they are not appropriate for Thailand. Not an efficient model. Also, the private sector would have a much easier time say NO to the army officers, and government moochers, looking for free tickets. 

Edited May 18, 2020 by spidermike007

[DrTuner]

6 minutes ago, SupermarineS6B said:

No brainer.... Flog it to the new owners of the country...... let's face it, they'll be needing planes to ferry round all those "Quality" tourists...... Chinas new airline....... Air Ching Chong !  

CCP Airlines, with 50 direct flights from Wuhan every day.

[Expat Tom]

I enjoyed my last flight on Thai Airlines but for the past several years, I did not find them to be competitively priced.

Too bad but, "The world, it is  changin'". 

[SupermarineS6B]

2 minutes ago, DrTuner said:

CCP Airlines, with 50 direct flights from Wuhan every day.

Hey, the more the merrier....... 

[Paul DS]

"Bas....s"

 

What a sneaky trick!! (Run by the elite and will be again.)

 

Declare bankruptcy, absolve themselves of all monies owed to investors, restart Thai Airways again stating sorry but we are bankrupt, no money for you! 

 

Thank God I have no money invested in anything ThaI!!

[scorecard]

7 hours ago, yellowboat said:

True, but making big changes during a time of lousy business opportunities makes sense.   Things are always cheaper in down cycles, and when things do pick up, you are ready.  While the military runs Thailand, I will never fly THAI.   

True however there are some basic business principles involved here, clever business people never put things off because it's raining too much today. 

[metisdead]

Some off topic posts have been removed. 

[Peterphuket]

9 hours ago, keithkarmann said:

Still waiting for my refund 4 weeks now.

I waiting already sinds 11 March.

[anchadian]

https://www.thaienquirer.com/13140/thai-airways-to-file-for-bankruptcy-after-green-lighted-by-sepo/

 

Thai Airways to file for bankruptcy after green lighted by SEPO

 

ByErich Parpart

 

May 18, 2020

 

The State Enterprise Policy Office (SEPO) approved, on Monday, Thai Airways International (THAI)’s rehabilitation plan which will allow it to file for a bankruptcy.

Government spokesperson Narumon Pinyosinwat said after the SEPO meeting that THAI is to file for the bankruptcy with the Central Bankruptcy Court in Thailand after being green lit by the prime minister during the meeting.

 

 

[Chongalulu]

12 hours ago, kotsak said:

Amy Winehouse's song Rehab springs in mind.. ????

And the airline will mirror her fate. ???? 

[asean]

Thai Airways 60 years old. Air Asia 26 years old. Say no more.

[Chongalulu]

9 hours ago, bruceprior said:

However it turns out I have a feeling that I should have taken the refund instead of rolling over the ticket until BNE -> BKK comes back to life!!

Crossing my fingers.......

Rolling over was poor advice even if with a highly profitable airline like BA. If you paid by credit card you should’ve submitted a claim to them to refund on the basis of non delivery of goods. Under UK law for instance the card company is jointly liable under section 75 consumer credit act.

[Thomas J]

https://www.yahoo.com/news/thailand-plans-bankruptcy-court-thai-044917819.html

U.S. News is reporting that Thai Airways will enter bankruptcy

[GAZZPA]

1 hour ago, spidermike007 said:

Let them go bankrupt. They have been costing the nation alot of money, for a long time. They are a "has been", on the international scene, and a once very good airline. But, that was a long time ago. And it is best to privatize. State monopolies might work in North Korea, Uganda, Egypt, Bolivia, Oman and Iran, but they are not appropriate for Thailand. Not an efficient model. Also, the private sector would have a much easier time say NO to the army officers, and government moochers, looking for free tickets. 

They can be viable if state owned but only when they are run exactly the same as a Commercial company competing in the real world and not simply relying on Government coffers to keep them afloat. The chances of that happening in a corrupt country like Thailand are pretty low so should just let them fold and let the private airlines take over.

[DrTuner]

10 minutes ago, asean said:

Thai Airways 60 years old. Air Asia 26 years old. Say no more.

If they were women, the ages would match with their attractiveness.

[Caine]

Who gives a toss 

[Chongalulu]

If the airline made such losses in these halcyon days pre Covid (when British Airways made £2billion profit per year but now will need government support to survive) the prospects for THAI are of no hope . Even more staggering losses beckon . Bankruptcy and termination are the only sensible business decision 

[GAZZPA]

30 minutes ago, Caine said:

Who gives a toss 

Only the pigs round the trough and the staff. For me i haven't used Thai airways for a long time because they are not competitive, if I find that then the only customers left will be people unable to use a computer and search for flights or people who are stubbornly loyal. 

[Dogmatix]

With the people the government appoints to the board, such as the police chief, it is not surprising the board has guided the airline to financial ruin. There is considerable corruption involved as well as incompetence, a dangerous but very common mix in Thai government and state enterprises.  The board has permitted the company to purchase planes and engines through agents for obvious reasons, even though it has direct contact with the vendors.  Rolls Royce provided chapter and verse of bribes it had paid to THAI but no action was taken, although people in Indonesia who were also exposed in the Rolls Royce report went to prison.

 

Taking the decision making out of the hands of the board through bankruptcy sounds like a good idea but think about it. The government owns a majority stake and could have appointed anyone it liked to sit on the board. 

 

This is all a sham. The government wants to bail out THAI and wants the corruption and incompetence to continue at taxpayers' expense because they are all beneficiaries of the free air tickets and some are beneficiaries of the corruption.  But it is looking for a way to camouflage the bail out to avoid political attacks and to screw the creditors.  The government is on the hook for around B200bn in government guaranteed debt. Bankruptcy would allow the to negotiate with the creditors to forgive some of the debt.  Then they will try to borrow more.  Krung Thai is for sure on the hook for a lot of this debt, at least as sub-guarantor, if not as a direct lender. There are also a lot of credit unions of state enterprises that have been pushed to buy THAI bonds.  It will be interesting to see how they are treated.  They will surely get preferential treatment even though they don't hold senior debt. 

 

After the "rehabitilation" all the shennaningans at THAI will continue until until they have burned through the cash again. 

[GAZZPA]

There is no excuse for this really, Thailand is s country that has significant tourist numbers, it's in the top 10 globlal tourist destinations so Thai Airways (if run properly) should be very secure and profitable. The key is "if it was run properly", which clearly it is not. completely out of touch with it's customers, both in price and service.

[Andrew65]

19 minutes ago, nchuckle said:

If the airline made such losses in these halcyon days pre Covid (when British Airways made £2billion profit per year but now will need government support to survive) the prospects for THAI are of no hope . Even more staggering losses beckon . Bankruptcy and termination are the only sensible business decision 

What many companies do nowadays is use their cash reserves for share buybacks, inflates the share price and means bigger bonuses for the bosses. It sometimes means that they don't have a cash-pile for tough times. My O'Leary at Ryan Air reckons they've got squillions to see them through this, not sure if I believe him.

[steven100]

close it down ....  chop it up and make it smaller with less planes. Do something, but don't ' ponder ' for another year and have another 150 million baht loss.

 

just shut it down and have a fire sale ....   option A

[GAZZPA]

Thailand's leaders are Masters of "Pondering" and doing nothing. The Airline was due for bankruptcy a long time ago, I thought it was going to go bankrupt when the last CEO quit. 

[purcho]

12 hours ago, mr mr said:

they thai'd to make me go to rehab i said no no no ? 

Comment of he day to you mr