Court okays THAI’s rehabilitation plans

By THE NATION

 

THAI acting president Chansin Treenuchagron visits the bankruptcy court this morning to hear the court's order on the airline's rehabilitation. The court has been mulling this issue since May 26.

 

The bankruptcy court on Monday (September 14) gave the go-ahead to Thai Airways International (THAI)’s rehabilitation plan and choice of planner to implement it.

 

As announced in the Royal Gazette earlier, THAI’s creditors have about a month to file for the repayment of debts either online or at the airline’s headquarters in Bangkok.

 

The creditors will then be presented with the rehabilitation plan for approval before it goes to court for a final okay. This procedure will take another two to three months.

 

THAI had previously informed its shareholders that the restructuring process will focus on five aspects, namely debt repayment, a review of its routes and fleet, improvement of management structure, review of financial strategy and methods to generate revenue, and making its organisational structure compact.

 

As of 11.30am on Monday, THAI stocks had risen 6.51 per cent to Bt3.60 per share.

 

Source: https://www.nationthailand.com/news/30394501

 

-- © Copyright The Nation Thailand 2020-09-14

 

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When can we expect to see our ticket refund returned?

1 hour ago, ExpatOilWorker said:

When can we expect to see our ticket refund returned?

Never!

I would love to read this 'Rehabilitation Plan' !

3 minutes ago, trainman34014 said:

I would love to read this 'Rehabilitation Plan' !

Steaks on a plane and cockpit experience for none existant tourists on their grounded jets, don't reckon it will end well and glad they do not owe me anything.....

1 hour ago, ExpatOilWorker said:

When can we expect to see our ticket refund returned?

never   

15 minutes ago, trainman34014 said:

I would love to read this 'Rehabilitation Plan' !

Try reading some fairy tales! 

They will be more honest and believable.

Edited September 14, 20205 yr by fangless

11 minutes ago, trainman34014 said:

I would love to read this 'Rehabilitation Plan' !

Mull, mull, mull.......

But I won't be buying any shares myself ha ha ha.

Rehabilitation plan 101.

 

'we really promise to try harder and save and not spend millions of baht on ourselves from the till'

1 minute ago, steven100 said:

Rehabilitation plan 101.

 

'we really promise to try harder and save and not spend millions of baht on ourselves from the till'

And I thought you were talking the Junta then.

Wait till they are asked to pay in advance for the landing spots

4 minutes ago, RichardColeman said:

Wait till they are asked to pay in advance for the landing spots

and wait till they land somewhere that is owed millions for lease payments ....  

I would love that to happen .... lol

5 hours ago, ExpatOilWorker said:

When can we expect to see our ticket refund returned?

When they return to profit...............Maybe in the next incarnation (chart na)

'Court approves THAI's plan'

But the Court still needs the Creditors' approval before the Court makes a 'final' approval - a 2 to 3 month process.

Knowing this process isn't completed, why did the Court bother with any approval at this time?

Feels as if the Court is trying to pressure the Creditors for a quick closure.

Headline is premature, if not misleading and perhaps discloses an unjudicial action by the Court.

Serious question. Are bankrupt laws so very different between EU and Asia.

Former BIL in uk had a company that went to the wall and about 2 months later was back on trading using a slightly changed name and his father as head of the new company. BIL ran it in from the background and his father just signed things as needed.

Seemed to work out ok.

16 hours ago, trainman34014 said:

I would love to read this 'Rehabilitation Plan' !

There isn't one, 

This is a part public owned company so the 'Rehabilitation Plan' shoud be released.

5 minutes ago, Grumpy John said:

This is a part public owned company so the 'Rehabilitation Plan' shoud be released.

 

http://thai.listedcompany.com/misc/PRESN/20200828-thai-public-presentation-en.pdf

 

THAI rehab plan:

1) Government gives THAI money from tax-payer

2) THAI spend money on stuff and things

3) repeat 1)+2) 

20 hours ago, snoop1130 said:

(THAI)’s rehabilitation plan and choice of planner to implement it.

"THAI had previously informed its shareholders that the restructuring process will focus on five aspects, namely debt repayment, a review of its routes and fleet, improvement of management structure, review of financial strategy and methods to generate revenue, and making its organisational structure compact."

 

Well there's a nice warm and fuzzy statement.

 

After paying their immediate operating costs, how much will they have left over to repay the several hundred billion Baht debts?

 

Can't be all that much 'left over' considering they operate in a very competitive industry.

 

Seven years to clear the debt. Seems to me 700 years is a more realistic estimate. 

 

 

Difference being that this time Thai cannot hide behind "being a Government body"

They missed out a few important changes needed.

No free flights for staff or management families

No jobs for the cronies (All management positions  to be selected by external Personnal Companies

ALL Government Dept travel MUST be actually paid on a monthly basis

No internal "commission"

All procurement of any kind to be overseen & approved with pricing before ordering by  International Accounts firm

Headhunt & employ an external Non Thai as CEO who has vast experience in the International Aviation business.

They are available at present

Sadly my last 2 points are an absolute must if this airline is to survive & sadly Thais at all levels have proven that they

are unable to keep their fingers out of the cookie jar.

Government interference to be kept to a minimum in particular as they are no longer the majority shareholders, ie

through shareholders meetings only (I bet you they appoint all Thais to the board

This is for starters ,,,,,,, next month another list

 

1 hour ago, natway09 said:

Difference being that this time Thai cannot hide behind "being a Government body"

They missed out a few important changes needed.

No free flights for staff or management families

No jobs for the cronies (All management positions  to be selected by external Personnal Companies

ALL Government Dept travel MUST be actually paid on a monthly basis

No internal "commission"

All procurement of any kind to be overseen & approved with pricing before ordering by  International Accounts firm

Headhunt & employ an external Non Thai as CEO who has vast experience in the International Aviation business.

They are available at present

Sadly my last 2 points are an absolute must if this airline is to survive & sadly Thais at all levels have proven that they

are unable to keep their fingers out of the cookie jar.

Government interference to be kept to a minimum in particular as they are no longer the majority shareholders, ie

through shareholders meetings only (I bet you they appoint all Thais to the board

This is for starters ,,,,,,, next month another list

 

Is this a published / authentic document or a 'should be' suggestions list?

As it goes, I "should" be halfway between London and Thailand now..Obviously, my flight  for today was cancelled...I will be amazed! if I get any of the money back Ive paid for the ticket to Thai Airways,

 

"Luckily"! I used some R.O.P. "miles", so i "only" lose about £400 odd..as opposed to £600.

 

Every cloud has a silver lining!! (Well..................I could have bought a business class ticket and lost another grand!).