SEC opens to repayment claims from THAI debenture holders

[webfact]

SEC opens to repayment claims from THAI debenture holders

By THE NATION

 

 

Creditors who hold Thai Airways (THAI) debentures can submit requests for debt repayment at the Securities and Exchange Commission (SEC) office until November 2, the commission said on Wednesday.

 

Ruenvadee Suwanmongkol, SEC secretary general, said the office would receive requests from general debenture holders from today (September 23).

 

THAI owes total debt on debentures of Bt71.608 billion, Bt7.586 billion of which is owed to general holders and the remaining Bt64.022 billion to juristic persons.

 

Meanwhile, the Legal Execution Department (LED) said it had received a total 922 debenture repayment requests via its online channel from September 14-22. This service will also be closed after November 2.

 

The LED added that creditors, the airline, and its rehabilitation planners will be able to review and lodge official objections to the requests until November 16.

 

Earlier this month, the Bankruptcy Court accepted THAI’s request for restructuring after the airline racked up more than Bt352 billion in debt.

 

Source: https://www.nationthailand.com/news/30395024

 

-- © Copyright The Nation Thailand 2020-09-24

 

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[mark131v]

All those people owed refunds have my sympathy but I reckon you will have better luck buying a lottery ticket, hope I am wrong...

[Grumpy John]

The Legal Execution Dept.  If I had a complaint to make I  think I would email it in and not show up in person.  ????

[Matzzon]

3 hours ago, webfact said:

Creditors who hold Thai Airways (THAI) debentures can submit requests for debt repayment at the Securities and Exchange Commission (SEC) office until November 2, the commission said on Wednesday.

How, nice to give them the chance to apply for their own money back. It´s strange that the people who borrows the money, also are the ones that sets the rules for how it can and will be paid back. I am never that lucky with the bank.

[Mr Meeseeks]

The biggest boondoggle in Thai history and they want to keep it going!?!

 

THB352 Billion in the red. 

 

Time to accept that it will never recover, close it down permanently, liquidate it to at least pay some of the money due to creditors and move on. 

 

Disgusting profligacy at play here. 

[Srikcir]

1 hour ago, Matzzon said:

How, nice to give them the chance to apply for their own money back. It´s strange that the people who borrows the money, also are the ones that sets the rules for how it can and will be paid back. I am never that lucky with the bank.

Seems more of an opportunity for a quick resolution if creditors accept the offer. But creditors are not controlled by SEC "chance" for reimbursement. They can ignore or refuse the offer without losing the right of their claims against THAI.

The court ultimately controls the rules and process; and currently it has not given any final decision regarding resolution of all creditor claims. 

[hotchilli]

5 hours ago, webfact said:

Earlier this month, the Bankruptcy Court accepted THAI’s request for restructuring after the airline racked up more than Bt352 billion in debt.

Not an insignificant figure. how on earth was it allowed to get to that sum without bells ringing?

[SomchaiCNX]

3 minutes ago, hotchilli said:

Not an insignificant figure. how on earth was it allowed to get to that sum without bells ringing?

Ask the politicians, as long as they get part of the cake they keep quiet.

[Matzzon]

58 minutes ago, Srikcir said:

Seems more of an opportunity for a quick resolution if creditors accept the offer. But creditors are not controlled by SEC "chance" for reimbursement. They can ignore or refuse the offer without losing the right of their claims against THAI.

The court ultimately controls the rules and process; and currently it has not given any final decision regarding resolution of all creditor claims. 

Thank you for you explanation. Already know that. It was just a comment because they put up a silly deadline. Like if the offer would be accepted the 4th of november that will refuse???? ????

Both you and me, know that they won´t.

[Matzzon]

14 minutes ago, hotchilli said:

Not an insignificant figure. how on earth was it allowed to get to that sum without bells ringing?

Big pockets with invisible content. 

[SomchaiCNX]

1 hour ago, Mr Meeseeks said:

The biggest boondoggle in Thai history and they want to keep it going!?!

 

THB352 Billion in the red. 

 

Time to accept that it will never recover, close it down permanently, liquidate it to at least pay some of the money due to creditors and move on. 

 

Disgusting profligacy at play here. 

Your remark is disgusting as well. I know a few that are employed at Thai and none of them like the way it is run. Put the people at the top in jail but why should the other 20.000 people lose their job? Ask as well Mr. Taksin and his family why they went head on by allowing Air Asia in to THailand and became the major shareholder? The prime minister of a country that brings in the competition to fight the national airline. 

[KC 71]

.

 

Edited September 24, 2020 by KC 71
I

[JusticeGB]

Quoted from above 

"Your remark is disgusting as well. I know a few that are employed at Thai and none of them like the way it is run. Put the people at the top in jail but why should the other 20.000 people lose their job?"

 

Thai Air was grossly mismanaged and over staffed. MPS were allowed to travel free and book flights and not even pay a fine if they didn't turn up for their flights. Every time the Minister of Transport was changed the board of directors was also normally changed at the same time. Thai Air was used as a cash cow to buy unwanted aircraft to fill pockets with brown envelopes. The food served was appalling and the prices of tickets higher than equivalent airlines. Is it any wonder that it went bankrupt?