''The Cabinet decided to push THAI into a bankruptcy procedure under the Bankruptcy Act BE2483 (AD1940) and ordered the Ministry of Finance to sell its majority stake in the airline.''

 

The only people likely to pay 'peanuts' for the stock are those 'in the know' who will buy said stock for 'minus-peanuts' and make a big profit when the new Thai Airline is relaunched.

 

Deals will be negotiated on the leased planes as there are far too many planes 'going spare' and 'any deal' will be better than none!

 

A lot of money will be made!

2 hours ago, Grumpy John said:

OK,  6000 people is a substantial chunk of the workforce...but is that going to be across the board or just some of the workers at the bottom? 

My guess would be that that those who need the jobs will be the ones who lose them

Some off topic posts, inflammatory posts and the replies have been removed. 

2 hours ago, ThailandRyan said:

It was so they could shop for goods overseas and bring them back here to sell and make a profit.  Secondary income.  Do you not remember the 3 female attendants who were nailed by customs not that long ago....

My first iPad mini came from that direction before they was available in Thailand

Edited May 21, 20206 yr by ChipButty

Hang on a minute, Putting the cart before the horse again.

1.       Appoint Receivers (Should be an International Company< Government no 

                longer can make decisions, advise legalities to Receivers only

2.   The Receivers appoint International specialists in the aviation industry and International

               Accounting firm to start process

3.    The panel then decide on a time frame to collect all relevant data to be able to assess

               both criteria of exact position.

4.    The panel then decide on time frame for a rehab' plan to be finalized 

       (if in fact their decision is that it is rescuable

5,     CEO & GM appointed by panel (not Government) to begin a pre determined time frame

        of rehab, reporting directly to Receivers

If I was a shareholder this is the process I would demand.

The Government have had their "go" at appointing their "henchmen"  & obviously failed.

Tell them to go back flying their private planes & enjoy your retirement on the fleeced monies

Now, give the specialists a go (they can hardly do any worse)

This is NORMAL practice 

      

 

                         

3 hours ago, steven100 said:

I don't think the international creditors will be very happy

Ah  but you should  never lend a Thai  money

3 hours ago, ezzra said:

Hopefully some of them will of the indifferent, aloof and oh' not so young anymore cabin crew... and why on earth are they always lugging these huge suitcases even on a single overnight trip i could never understand...

What's wrong with them? Never had any problem with Thai cabin crew, no matter their age. In an otherwise ageist society, a country where all job ads have an age range next to them, I think it's great they're hiring people older than 35, because that seems to be the cut-off age to get a job in Thailand, unless you're running your own business.

 

Never seen a job advert in the west where it states: applicant must be between 22 and 28. So a 29 year old can't do the job? COme on.

2 hours ago, Dumbastheycome said:

If  they start redundancies  from the top down it  might help !

 

They cant lose 60000 though, 6000 no  one  will  notice

3 hours ago, ezzra said:

Hopefully some of them will of the indifferent, aloof and oh' not so young anymore cabin crew... and why on earth are they always lugging these huge suitcases even on a single overnight trip i could never understand...

Smuggling ...... their wages are nothing compared to the side deals.

49 minutes ago, shinawhat said:

Not to mention, on virtually every flight to Europe, they are more expensive.......why? 

Because they carry less paying passengers than anyone else.

2 hours ago, RichardColeman said:

They do realise that by writing off any money owed to Airbus could mean they lose 30 planes. right ? 

But this takes place according to Thai law and Thai courts, right? But from a practical perspective, Airbus doesn't want to have to take back planes, it's not like repossessing a car. There will have to be some productive negotiating and agreement among all parties. I don't know anything about Thai law, but in the US there is chapter 11 bankruptcy, which restructures debts and assets in order to keep a business afloat if possible. I would at least GUESS that Thailand has some kind of similar model. Very sad for those 6000 employees, many of whom probably have some years invested in their jobs. 

20k employees?????

That's 19k too many.

 

 

 

Edited May 21, 20206 yr by Vigilante

2 hours ago, OJAS said:

A move which will no doubt ensure that those of us booked on THAI flights which have subsequently been cancelled (like mine to Paris in the early hours tomorrow) can now kiss goodbye to any chance of refunds, ticket validity extensions, vouchers, etc. ????

You sure it has not already been cancelled ?

 

"Due to the Covid-19 crisis, THAI has temporarily suspended its operations until 30th June 2020."

2 hours ago, Neeranam said:

Never liked the cabin crew, very condescending, especially to Thais. Most got their job through some kind of nepotism or cronyism and find it hard to wait on others, especially below them on the hierarchical social ladder.

Yes indeed, being former State Enterprise employees, many regarded themselves as types of "Hi So Civil Servants" or should I say "uncivil"?

2 hours ago, sahibji said:

sad to see Thai airways headed that way. it is a good airline.

20 odd years ago maybe!

Any Staff's attitude's to their work reflects on the company's leadership at top level.

 Keep Smiling 

3 hours ago, MadMac said:

Funky, Ministry of FInance still can sell their stake ????

Any idea who might buy into a defunct airline?

If you invest coundry like Thailand, you have to believe that they dictator rule is nice!

If you think so and believe only power of money you make much more! 

If you believe freedom and democracy and you not greedy ahole , then you look other people around you! Still can make money and actualy feel good about it!

3 hours ago, Misterwhisper said:

Question: How many among these laid-off employees are going to be grossly overpaid top executives?

 

I think I know the answer.

If the receivers are serious, useless senior management and unqualified board members will be the first to go.

 

If they remain and only junior staff are let go then the receivers are not doing their job and that will leave the airline.

 

I think the fact its gone as far as this demonstrates they are actually serious this time.

1 minute ago, hotchilli said:

Any idea who might buy into a defunct airline?

Maybe Sir Richard Charles Nicholas Branson he could use the money from selling off some 41 million in Virgin Galactic stock.....oh wait isn't his airline in trouble...I believe he is hemorrhaging money also....

3 minutes ago, hotchilli said:

Any idea who might buy into a defunct airline?

Everybody know answear! China! Buy already Norwegian.... going to buy all... They have money! And now money talks bs walks!

3 hours ago, ezzra said:

Hopefully some of them will of the indifferent, aloof and oh' not so young anymore cabin crew... and why on earth are they always lugging these huge suitcases even on a single overnight trip i could never understand...

Lateral thinking my dear fellow.... it's not what's going out but what's coming back..

There goes my tickets

1 hour ago, shinawhat said:

Thai airways was banned from flying to North America a few years ago because of massive safety violations. . The FAA said they would send reps to Thailand to help the airline meet the minimum safety requirements in order to resume flights to America. The airline declined citing it would be too costly.....that should tell everyone this is an accident waiting to happen. With management like that, is it a wonder they are in the position they find themselves in now? Not to mention, on virtually every flight to Europe, they are more expensive.......why? 

Back in January there was a near crash of a Thai flight in Germany. The pilot (or co-pilot) came in too low, too fast. The German authorities are still investigating I think. It was on Sam Chui's website.

And not only are they banned from flying to the USA, but for some reason they don't even code-share with United a Star Alliance partner. They are an arrogant, hopeless airline in true Thai style.

3 hours ago, ThailandRyan said:

You mean possession is not 9/10th's of the law.  How will Airbus take them back if the airport's remains closed, under cover of darkness hire the airplane repo companies and pay them a tidy sum for risking their lives....Not sure what will happen, but this country now has some serious egg on it's face....

Yeah get those plane repo guys that do the show on Discovery on the job!! That would make more than a few interesting episodes.

Actually the airports aren't closed as such, only for arriving international passenger flights, with some exemptions so, I think Airbus wouldn't have too much of a problem.

22 minutes ago, Jonathan Swift said:

But this takes place according to Thai law and Thai courts, right? 

They also intend to file for bankruptcy in the US, in order to get protection from foreign creditors. That's been publicly announced, and mentioned in other articles.

 

1 hour ago, shinawhat said:

Thai airways was banned from flying to North America a few years ago because of massive safety violations. 

That isn't correct. The FAA downgraded Thailand, not TG:

 

https://simpleflying.com/thailand-faa-rating-failure/

 

"The FAA safety rating is issued as part of the agency’s International Aviation Safety Assessment (IASA) program. This program assesses “a country’s ability, not the ability of individual air carriers, to adhere to international aviation safety standards and recommended practices”  established by ICAO."

12 minutes ago, hotchilli said:

Any idea who might buy into a defunct airline?

Richard Branson is looking for something else to throw his money away on since Virgin went tits up. ????

 

all international flights wont be flying for many years .its a lost cause right now .esp if theres a 2nd more deadly wave of infections as tedros claims is coming

10 minutes ago, Catkiwi said:

Yeah get those plane repo guys that do the show on Discovery on the job!! That would make more than a few interesting episodes.

Actually the airports aren't closed as such, only for arriving international passenger flights, with some exemptions so, I think Airbus wouldn't have too much of a problem.

those progs are a setup as security guys would  shoot them dead on the spot in case theyre plane bombers

25 minutes ago, hotchilli said:

Any idea who might buy into a defunct airline?

Mr Steven Udvar-Hazy  

4 hours ago, Canuck1966 said:

And this too

Going to be a rough ride for Thailand

 

https://asia.nikkei.com/Business/Companies/Panasonic-to-move-appliance-production-from-Thailand-to-Vietnam?fbclid=IwAR2htQBNXPOs8Ps5BADvr_FZg2IRl3dIx6Oo7HRj57OtcfhApJtl5Kj_BiE

I am afraid there might be more . Samsung has laid off staff twice already and did it again just last month. Either scaling down to move or scaling down production