Experts eyed to write up a rehab plan for THAI

[webfact]

Experts eyed to write up a rehab plan for THAI

By THE NATION

 

Saksayam Chidchob, right

 

Transport Minister Saksayam Chidchob will next week present Prime Minister Prayut Chan-o-cha a list of 15 persons who will jointly draw up a rehabilitation plan in line with the Bankruptcy Law for Thai Airways International (THAI).

 

This follows the Cabinet’s approval on Tuesday (May 19) of a proposal that the debt-ridden national carrier enter a bankruptcy court-supervised rehab process. The Cabinet also approved that the Finance Ministry reduce its stake in THAI to less than 50 per cent, which make the airline lose its state-enterprise status.

 

At the Cabinet meeting on Tuesday, the Transport Ministry proposed three options for the Cabinet to choose in tackling THAI’s financial distress, including the choice of entering the rehab process under Bankruptcy Law. The other two options were for the Finance Ministry to take a Bt54 billion loan to help THAI or to let the airline go bankrupt.

 

The minister said the decision to make the airline enter a court-supervised rehab process will assure the creditors that THAI will come back stronger after the rehabilitation is completed.

 

The Transport Ministry is tasked with appointing a panel to draw up the rehab plan, which will be forwarded to the court. If the court approves this plan, the shareholders will have to come together to give it the green light.

 

Saksayam said he will appoint the panel this week and propose the names of at least 15 members to the premier next week. He added that he has already approached some people who have a background in the aviation industry.

 

He added that THAI has to file for bankruptcy in both Thailand and US, because up to 35 per cent of its total debt is owed to foreign creditors. He added that most of the debt involves the leasing of aircraft.

 

THAI will seek financial and legal advisers to proceed with filing for its rehab process in Thai and American courts, he said, adding that he is confident the rehab plan will be completed by next month and THAI can begin working on recovery.

 

Source: https://www.nationthailand.com/business/30388142

 

-- © Copyright The Nation Thailand 2020-05-20

 

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[whiteman]

so what do they do replace 3 losers on the board then appoint 3 that have no airline experience and keep the other 3 losers that lost the money still on the board this will never work.

[JonnyF]

I wonder who these people will be?

 

Let me see...

 

Prayut's cousin

Prayuts sister-in law

Prawit's nephew

Saksayam's uncle

etc etc.

[BobbyL]

Let's hope we find out who these 'experts' are meant to be. I wonder if any of them will have experience and knowledge of management within the international aviation sector. 

[trainman34014]

So many 'Experts'.....yet none could be found previously to run the Airline.     Jokers the lot of them !

[2 is 1]

All board member go to AA and start Detox!

[yellowboat]

They won't entertain outside help and the elite will demand their perks based on their entitlements.  It will retain its white elephant status, if not its state enterprize status.    

[scorecard]

54 minutes ago, JonnyF said:

I wonder who these people will be?

 

Let me see...

 

Prayut's cousin

Prayuts sister-in law

Prawit's nephew

Saksayam's uncle

etc etc.

How come you missed his brother and brother's wife? 

[Swimfan]

Where is the cash going to come from to get the airline off the ground again ? Its not like its going to make any profit in the next two years and it will bleed heavily in that time. The so called bankruptcy supervision and restructure is essentially a government bailout by stealth in an attempt to delude the country that the government is not going to provide the airline with further funding.

[steveyinasia]

Definition of an Expert......Ex is an unknown quantity and a Spurt is a drip under pressure, therefore we have a collection of unknown drips under pressure trying to fix an airline that has been grossly mismanaged for years.  Good luck with that.

[steven100]

does that mean Auntin gets a new job 

[Odysseus123]

Well..they've tried the generals..

 

Then they tried the lieut-colonels,majors and captains-with the odd squadron leader chucked in for good measure.

 

Perhaps it's time to try the corporals.

[scorecard]

18 minutes ago, Odysseus123 said:

Well..they've tried the generals..

 

Then they tried the lieut-colonels,majors and captains-with the odd squadron leader chucked in for good measure.

 

Perhaps it's time to try the corporals.

Why not!

[ChrisY1]

Thai will lose state enterprise status....yet the transport department is responsible for the rehab plan...makes perfect sense...then this:

"will assure the creditors that THAI will come back stronger after the rehabilitation is completed.".What a gem....what could possibly go wrong?

All debts are frozen (read written off).....new funding will be found, and the gravy train will depart the station....

[rasmus5150]

2 hours ago, JonnyF said:

I wonder who these people will be?

 

Let me see...

 

Prayut's cousin

Prayuts sister-in law

Prawit's nephew

Saksayam's uncle

etc etc.

You forgot Anutin. Then it will be the greatest comedy of all times.

[Oziex1]

"Transport Minister Saksayam Chidchob will next week present Prime Minister Prayut Chan-o-cha a list of 15 persons who will jointly draw up a rehabilitation plan in line with the Bankruptcy Law for Thai Airways International (THAI)."

 

Well there's another 15 Business class seats reserved for non paying cronies.

 

[Emdog]

I realise this is absurd suggestion, but any "experts" on panel should be from outside the country, the further the better.

[natway09]

I only hope that the "receivers" are an International Company & that the shareholders insist on 

appointing experts from outside Thailand.

As I have said before there is no one  inside Thailand that has enough knowledge & spine to manage 

an airline of this size & complexity

Yes, I said spine to take on this with complete authority to wield the big stick & to look high ranking people in the eye & say NO, this is what is going to happen.

Without the above they may as well throw in the towel now

[Baerboxer]

1 hour ago, Odysseus123 said:

Well..they've tried the generals..

 

Then they tried the lieut-colonels,majors and captains-with the odd squadron leader chucked in for good measure.

 

Perhaps it's time to try the corporals.

 

Careful - the last time someone tried a corporal as the leader it didn't work out so good!

[DPKANKAN]

3 hours ago, JonnyF said:

I wonder who these people will be?

 

Let me see...

 

Prayut's cousin

Prayuts sister-in law

Prawit's nephew

Saksayam's uncle

etc etc.

It will certainly be more numbnuts, rather than real experts that it is for sure!!!????????????????????????????????

[whiteman]

After the share sale by the ministry, all but three airline board members will resign. Those left behind will join three new board members, expected to be Tevin Wongwanich, president and chief executive of PTT Exploration and Production Plc; GSB president Chartchai Payuhanaveechai; and Charamporn Jotikasthira, a former THAI president.

 

Not one on the board has any air line experience  Amazing Thailand

[Danny Australia]

Rehab will not work without getting rid of all old quard and investigating what caused the failure in the first place.

[Sydebolle]

Saksayam Chidchob might know a lot about Buriram or how to run/manipulate politics, running an airline or appointing professional experts is not one of his chores. 

To appoint experts you have to be an expert yourself and that starts with admitting, why this airline is going down the drain. Thai would have gone belly up with or without the covid-19 story; latter came in very handy as a lame excuse. Thai is a private company stock listed and shares are presently majority owned by the Thai government. Without public outcry, the boys would have poured another B 50 billion into this bottomless pit - until that money would have been used up, stolen, corrupted or evaporated into thin air - and next year more money would have followed. 

Close the shop, send the staff home, auction off the assets (I can think of a few fairly rich people in the land going for it) and then the staff can re-apply, possibly this time stating a reason why they should be hired. Checks and balances to be put into place. Everything else is day dreaming; Saksayam Chidchob might also be advised to simply forget offloading 100 second-hand aircraft into an oversaturated market where presently some 8'000 planes are being grounded indefinitely. 

As the government now has to reduce its stake below 50% of the shares I honestly wonder, who is buying TG shares now (to meet that criteria) well knowing that the present PLC is heading for the dungeon ........ but then, who am I and what do I know? 

[jaiyen]

Ask Richard Branson for help. He is going through the same process in Australia.

[Burma Bill]

3 hours ago, trainman34014 said:

So many 'Experts'.....yet none could be found previously to run the Airline.     Jokers the lot of them !

Yes indeed. About one year ago (before all this virus lark) I wrote a post in reply to THAI'S financial losses, stating that a CEO with International Aviation Management expertise should be appointed. I was "shot down in flames" by a Thai blogger who stated that the airline was for Thais and only to be managed by Thais! My reply was "May God help you". THAI is (now was) a State Enterprise and as such all the employees regarded themselves as "unsackable" civil servants, hence the gross over-manning and inefficiencies. I now feel quite vindicated with my original comments but no doubt someone will still quote "THAI for Thais"!!

[trainman34014]

1 hour ago, Burma Bill said:

Yes indeed. About one year ago (before all this virus lark) I wrote a post in reply to THAI'S financial losses, stating that a CEO with International Aviation Management expertise should be appointed. I was "shot down in flames" by a Thai blogger who stated that the airline was for Thais and only to be managed by Thais! My reply was "May God help you". THAI is (now was) a State Enterprise and as such all the employees regarded themselves as "unsackable" civil servants, hence the gross over-manning and inefficiencies. I now feel quite vindicated with my original comments but no doubt someone will still quote "THAI for Thais"!!

I think we all know exactly where Thai 'Management' leads and slowly but surely they are destroying everything they touch.   Of course; when the country becomes the poorest relation in Asia they will be quick to tell the World... 'It's not our fault' !

[crobe]

To be quite honest if any international aviation experts were to be approached my advice to them would be to stay away.

Being the one "foreigner" appointed by the Thai government to a committee is the most thankless task - any sensible solution will just get you criticism that you are not "Thai enough" - been there - done that - it is not a pleasant experience

[hotchilli]

8 hours ago, webfact said:

At the Cabinet meeting on Tuesday, the Transport Ministry proposed three options for the Cabinet to choose in tackling THAI’s financial distress, including the choice of entering the rehab process under Bankruptcy Law. The other two options were for the Finance Ministry to take a Bt54 billion loan to help THAI or to let the airline go bankrupt.

The later option sounds more appropriate, that or bring in outside experts who know how to turn around ailing airlines without interference from government or influential people.

[Oziex1]

I believe the fate of the airline is a mirror to how the country will perform with so many plundering the public purse and with tourism down and likely to be down for some time.

There would be no time like to present to have the enthusiasm and entrepreneurial skill of some one like Thanathorn. Sadly banished by the dinosaurs so busily engineering their own extinction. 

[scorecard]

11 hours ago, hotchilli said:

The later option sounds more appropriate, that or bring in outside experts who know how to turn around ailing airlines without interference from government or influential people.

 Go bankrupt... yes but won't happen, ever, too much loss of face, and a good chance very powerful folks can and would block bankruptcy to preserve their benefits.  So sad...