webfact Posted June 5, 2020 Share Posted June 5, 2020 THAI seeks govt help in keeping foreign creditors at bay By The Nation Thai Airways International (THAI) is seeking government support in four areas, ranging from negotiating with foreign creditors to revising contracts previously signed with other state enterprises. Prapas Kong-led, director general of the State Enterprise Policy Office, said on Thursday (June 4) that the airline is seeking government help after the Central Bankruptcy Court accepted its appeal for rehabilitation. THAI also wants the government to look at its time slots in order to boost its competitiveness as well as that of its alliance airlines, said Prapas, who is also secretary of the government committee formed to follow up on the airline’s rehab plan. The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. Prapas said the national carrier wants the government to coordinate negotiations where foreign creditors are concerned, as THAI wants them to accept its rehab plan under Thailand’s Bankruptcy Court. The airline also wants the government to help negotiate financial dealings with other state enterprises, such as PTT and the Airports of Thailand. Now that the Finance Ministry has brought its stake in the airline to below 50 per cent, THAI has lost its state-enterprise status and wants to revise contracts it made with state agencies, Prapas said. Meanwhile, Deputy Agriculture and Cooperatives Minister Mananya Thaiset said the 86 savings cooperatives need to find common ground when it comes to the Bt43 billion that THAI owes them. Of the 86 cooperatives, 85 invested in the airline’s debentures and one bought shares. The carrier owes a total debt of Bt300 billion, and if the cooperatives do not stick together, they may not get reasonable compensation as foreign creditors may take all of THAI’s assets, the minister warned. Source: https://www.nationthailand.com/business/30389070 -- © Copyright The Nation Thailand 2020-06-05 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 1 Link to comment Share on other sites More sharing options...
Popular Post holy cow cm Posted June 5, 2020 Popular Post Share Posted June 5, 2020 8 minutes ago, webfact said: Now that the Finance Ministry has brought its stake in the airline to below 50 per cent, THAI has lost its state-enterprise status White wash and smoke and mirrors all done with a Thai smile.. 11 Link to comment Share on other sites More sharing options...
Popular Post Misterwhisper Posted June 5, 2020 Popular Post Share Posted June 5, 2020 Keeping creditors at bay? So... you don't want to repay what you have so confidently borrowed, or at least delay that nagging duty for as long as possible? How THAI of you! 19 2 Link to comment Share on other sites More sharing options...
Popular Post colinneil Posted June 5, 2020 Popular Post Share Posted June 5, 2020 So Thai airways want the government protect them. When they start flying again chances are some of their planes will end up being seized when they fly into other countries, Now that will be a BIG loss of face, but is what is likely to happen. American creditors will be out of luck, as Thai dosnt fly there anymore. 11 Link to comment Share on other sites More sharing options...
Popular Post ChipButty Posted June 5, 2020 Popular Post Share Posted June 5, 2020 They have every right to try and recover their debts who the F@@k do Thai think they are? any business having to carry that amount of debt do they get any protection? doubt it. 6 Link to comment Share on other sites More sharing options...
Popular Post smedly Posted June 5, 2020 Popular Post Share Posted June 5, 2020 1 hour ago, webfact said: Now that the Finance Ministry has brought its stake in the airline to below 50 per cent, meaning they have wiped their hands of the debt Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen 11 Link to comment Share on other sites More sharing options...
Popular Post Justgrazing Posted June 5, 2020 Popular Post Share Posted June 5, 2020 1 hour ago, webfact said: Prapas said the national carrier wants the government to coordinate negotiations where foreign creditors are concerned, as THAI wants them to accept its rehab plan under Thailand’s Bankruptcy Court Sort it out yourselves .. The idea of getting govt' involved is to strong arm the negotiations to T A's advantage .. Another aspect of this is major aircraft components such as engines requiring overhaul are sent back to manufacturers or certified overhaulers outside of Thailand and can be held back until legal and financial issues are resolved .. not only engines are worth a lot of money they are a bargaining asset that T A need and cannot operate without .. 5 Link to comment Share on other sites More sharing options...
Popular Post Cake Monster Posted June 5, 2020 Popular Post Share Posted June 5, 2020 The ramifications of not paying the Debts to their Foreign Creditors could get very ugly indeed. Creditors that are owed huge amounts of money by Thai will stop at nothing to retrieve their outstanding debts from Thai, and the Thai Government ( Re Smedly post ). Hell hath no fury like a Bank that is owed Money 5 1 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted June 5, 2020 Popular Post Share Posted June 5, 2020 56 minutes ago, ChipButty said: They have every right to try and recover their debts who the F@@k do Thai think they are? any business having to carry that amount of debt do they get any protection? doubt it. thai's seem to think that if they owe debt to anyone else they don't have to pay. I hope they close down THAI for good, I hope they are not allowed to fly into most countries because of creditors being owed billions of baht. close the door on your way out ! ..... 7 1 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted June 5, 2020 Popular Post Share Posted June 5, 2020 22 minutes ago, smedly said: meaning they have wiped their hands of the debt Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen I hope creditors go after them with an axe 1 2 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted June 5, 2020 Popular Post Share Posted June 5, 2020 (edited) 2 hours ago, webfact said: The carrier owes a total debt of Bt300 billion, and if the cooperatives do not stick together, they may not get reasonable compensation as foreign creditors may take all of THAI’s assets, one can only hope Edited June 5, 2020 by steven100 3 Link to comment Share on other sites More sharing options...
Popular Post bodga Posted June 5, 2020 Popular Post Share Posted June 5, 2020 2 hours ago, webfact said: foreign creditors may take all of THAI’s assets, the minister warned. Ooooooooooooh those evil foreign devils. 3 1 Link to comment Share on other sites More sharing options...
Popular Post BobbyL Posted June 5, 2020 Popular Post Share Posted June 5, 2020 With Wissanu chairing this committee it tells you everything you need to know. This is a man whose built his whole career by pawning himself to anyone in power and lied in any way possible to protect the establishment. 6 Link to comment Share on other sites More sharing options...
Borzandy Posted June 5, 2020 Share Posted June 5, 2020 3 hours ago, webfact said: keeping foreign creditors at bay And about my bought ticket ???? As I'm foreigner..... 1 Link to comment Share on other sites More sharing options...
Popular Post JusticeGB Posted June 5, 2020 Popular Post Share Posted June 5, 2020 The bankruptcy committee hasn't been formed yet nobody can deal in the assets or liabilities of Thai Airways. The protection is for creditors to be treated fairly and equally so the airline can continue trading. Not that Thai creditors can get preferential treatment over "dirty farang" creditors! 3 Link to comment Share on other sites More sharing options...
petermik Posted June 5, 2020 Share Posted June 5, 2020 8 hours ago, smedly said: Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen "could be challenged as illegal"....rather like the last governments rice pledging scheme....but now it,s the army in control so rest assured no illegal activities in this case..... Link to comment Share on other sites More sharing options...
dutchweller Posted June 5, 2020 Share Posted June 5, 2020 I just want my refund promised by Thaiairways after they canceled my flight 3 months ago. Give me my money you grubby scumbags. I will never fly with you again if you do start flying again. 2 Link to comment Share on other sites More sharing options...
rasmus5150 Posted June 5, 2020 Share Posted June 5, 2020 3 hours ago, webfact said: The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. That's a lie. TG are cancelling flights mid July to Northern Europe - and reschedules the tickets in August (3rd rescheduling for me). August flights are already fully booked now - but the question is........ Will they ever fly? Never ever fly TG again ???? 1 1 Link to comment Share on other sites More sharing options...
Popular Post chainarong Posted June 5, 2020 Popular Post Share Posted June 5, 2020 In the normal process , the receiver appointed would be doing all this not Government departments. 3 Link to comment Share on other sites More sharing options...
Bender Rodriguez Posted June 5, 2020 Share Posted June 5, 2020 remove THAI completely and put airasia and other cheap carriers on suvi... than I don't have to travel 50 km to the old airport, lol 1 Link to comment Share on other sites More sharing options...
NeoDinosaw Posted June 5, 2020 Share Posted June 5, 2020 (edited) 4 hours ago, Justgrazing said: Sort it out yourselves .. The idea of getting govt' involved is to strong arm the negotiations to T A's advantage .. Another aspect of this is major aircraft components such as engines requiring overhaul are sent back to manufacturers or certified overhaulers outside of Thailand and can be held back until legal and financial issues are resolved .. not only engines are worth a lot of money they are a bargaining asset that T A need and cannot operate without .. I seem to remember that Thai bought some engines from Rolls Royce not too long ago - and that squeeky clean British company seemed to have been handing out vast sums money in bribes in order to get the conract. Edited June 5, 2020 by blackcab Please do not modify someone else's post in your quoted reply, either with font or color changes or wording. 1 Link to comment Share on other sites More sharing options...
Popular Post pixelaoffy Posted June 5, 2020 Popular Post Share Posted June 5, 2020 4 hours ago, colinneil said: So Thai airways want the government protect them. When they start flying again chances are some of their planes will end up being seized when they fly into other countries, Now that will be a BIG loss of face, but is what is likely to happen. American creditors will be out of luck, as Thai dosnt fly there anymore. Love to see that ! A big airplane with ' 'Thai' on the side and held for non payment of debt 4 1 Link to comment Share on other sites More sharing options...
johnny49r Posted June 5, 2020 Share Posted June 5, 2020 6 hours ago, webfact said: THAI seeks govt help in keeping foreign creditors at bay Maybe all those attack choppers and used submarines purchased by the military won't go to waste after all! Link to comment Share on other sites More sharing options...
Justgrazing Posted June 5, 2020 Share Posted June 5, 2020 11 minutes ago, NeoDinosaw said: I seem to remember that Thai bought some engines from Rolls Royce not too long ago - and that squeeky clean British company seemed to have been handing out vast sums money in bribes in order to get the conract. Quite possible .. But even owning the engines over leasing them does not exclude them from requiring overhaul and or modifications overseas as Thailand does not have an accredited overhaul facility .. 1 Link to comment Share on other sites More sharing options...
Justgrazing Posted June 5, 2020 Share Posted June 5, 2020 2 hours ago, rasmus5150 said: 6 hours ago, webfact said: The committee is chaired by Deputy Prime Minister Wissanu Krea-ngam, who has said that THAI will not fly until the end of this month. That's a lie. TG are cancelling flights mid July to Northern Europe - and reschedules the tickets in August (3rd rescheduling for me). August flights are already fully booked now - but the question is........ Will they ever fly? Never ever fly TG again Wissanu telling porkies .. Surely not .. 1 Link to comment Share on other sites More sharing options...
blackcab Posted June 5, 2020 Share Posted June 5, 2020 What stuns me is that individual members of the savings cooperatives are not rushing to withdraw their funds while they still can. Link to comment Share on other sites More sharing options...
natway09 Posted June 5, 2020 Share Posted June 5, 2020 I have been through this before. If Thailand would just do this properly. Have they gone into receivership or not ? If so nothing to do with the Government or Thai Airways now in the active sense. They have to stop meddling They are there to answer questions & are sworn to answer truthfully (ouch) to the appointed International Receiver & any specialists that the receiver has appointed. Yes, has to be an International Co as many debtors are as well. If they tryingt to avoid any of their planes being confiscated then this is the only way to do it. The PM of Thailand or the Highest Judge in the land's orders mean absolutely nothing once offshore. 2 Link to comment Share on other sites More sharing options...
Swimfan Posted June 5, 2020 Share Posted June 5, 2020 where are they getting the cash to get back in the air ? Probably from all the tickets they have not refunded ? Link to comment Share on other sites More sharing options...
Fex Bluse Posted June 5, 2020 Share Posted June 5, 2020 THAI is done. I love it. Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted June 5, 2020 Share Posted June 5, 2020 6 hours ago, smedly said: meaning they have wiped their hands of the debt Knowing that Thai was about to file makes this rather dodgy to say the least - what the government did could be challenged as illegal - almost on a par with insider dealings - they knew what was happening before it happened and dumped their shares before they were frozen Thai Airways shares are still being traded. Link to comment Share on other sites More sharing options...
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