By Panithan Onthaworn

 

Thai Airways International’s (THAI) creditors approved Wednesday the airline’s debt rehabilitation plans after postponing a week ago, and ahead of the submission to the Central Bankruptcy Court planned for May 28.

 

Twenty-eight groups out of 36 major creditors voted to accept three of the Thai Airways’ debt restructuring plans, said the airline’s acting president Chansin Treenuchagron.

 

The approved restructuring plans were from the airline, Bangkok Bank, and the Federation of Savings and Credit Cooperatives of Thailand.

 

Full story: https://www.thaienquirer.com/27694/thai-airways-creditors-approve-debt-restructuring-plans/

 

-- © Copyright Thai Inquirer 2021-05-20

 

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Pathetic, shoot  it  now and end the misery.

Shame. I was praying they would go under completely. Oh well, maybe they will not meet their obligations under the plan.

It's quite difficult to understand this report; the report mentions:

 

"The approved restructuring plans were from the airline, Bangkok Bank, and the Federation of Savings and Credit Cooperatives of Thailand."

 

But there is no mention of the many foreign based creditors. How did they vote?

8 minutes ago, Don Chance said:

It is right here Ryan.

Thanks, but I see mixed messages with articles 

https://www.thaienquirer.com/27524/thai-airways-jumps-more-than-25-percent-ahead-of-trading-suspension/

 

The SET will impose a trading suspension on THAI from May 18 following the possible delisting due to negative equity, coupled with a non-compliance (NC) sign until the company is able to eliminate the grounds for delisting.

 

So suspension as stated and delisting never occurred. Some funny business is going on.  Yet 49% of shares are still owned by the government.

49 minutes ago, Rampant Rabbit said:

Pathetic, shoot  it  now and end the misery.

Oh not so easy to let a corrupted cash cow die just like that right? be assured that many of the decision making department will be rewarded in keeping a dead dinosaur still flying...

The business plan is simple.

Just tripple the prices and the budget will balance.

I think that´s what persuaded the creditors.

Good luck! 

2 hours ago, Rampant Rabbit said:

Pathetic, shoot  it  now and end the misery.

Cannot, too many fingers in the pie.

The part I don't understand is where it says that "creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process" - hasn't this already been ruled out?

 

 

 

 

 

 

 

12 minutes ago, khunjeff said:

The part I don't understand is where it says that "creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process" - hasn't this already been ruled out?

 

 

 

 

 

 

 

 

Details are scant, for now.

 

Assume this means that the "government" (Ministry of Finance) will somehow guarantee future loans, like the 50 billion baht sought NOW.

 

But that's just a guess.

 

Assume they want to keep details secret for now as they are probably closer to malfeasance than financially sound?

 

 

 

 

And we are off again.

 

 

and the beat goes on...

To all those future investors in this wonderful company, I salute you! 

1 hour ago, hotchilli said:

Cannot, too many fingers in the pie.

It would be very interesting to know how many hi-so folks, working and retired Thai inter staff, working and retired politicians and military folks are demanding that their 'entitlements' continue...

1 hour ago, khunjeff said:

The part I don't understand is where it says that "creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process" - hasn't this already been ruled out?

 

 

 

 

 

 

 

 

Very good point, love to see a clear, specific and insightful answer on this. 

2 hours ago, khunjeff said:

The part I don't understand is where it says that "creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process" - hasn't this already been ruled out?

 

The government ruled this out before. Maybe they do a backflip or Thai promised this and cant deliver and it will fall through.

PLenty of examples where politicians helped to fail national air carriers. Never put the milk next to cat.

 

1 hour ago, scorecard said:

 

Very good point, love to see a clear, specific and insightful answer on this. 

It used to be ruled out.

Now it has been agreed upon.

But the Ministry of Finance stated, immediately after the agreement,  that the government is under no obligation to inject money. 

Dog and Pony show.

 

The government will use taxpayers money to bail them out again, thus ensuring an easy transfer of funds from the public to the chosen few in high positions within the company/country.

 

They just need to work out how to present this, or if possible hide/bury it.

7 hours ago, webfact said:

Twenty-eight groups out of 36 major creditors voted to accept three of the Thai Airways’ debt restructuring plans, said the airline’s acting president Chansin Treenuchagron.

 

The approved restructuring plans were from the airline, Bangkok Bank, and the Federation of Savings and Credit Cooperatives of Thailand.

This does not mean in any way that " Thai " is saved.

Only 3 Plans were accepted, and for sure there will be more submitted.

Its interesting to note that all the agreements were from Thai Organizations, one of which was the Airline itself.

 

14 minutes ago, Cake Monster said:

This does not mean in any way that " Thai " is saved.

Only 3 Plans were accepted, and for sure there will be more submitted.

Its interesting to note that all the agreements were from Thai Organizations, one of which was the Airline itself.

 

 Which brings the question; can Thai international vote as a creditor (an entity which is owed money), when in fact it's a debtor (an entity which owes money <massive massive amounts of money> to the creditors? 

Thai Airways creditors approve debt restructuring plans 

 

How much Time and money are they going to put in  this .

How many times have they Tried to Revive This Dead Horse. 

No matter what they trying to do ,It Will Stay a Dead Horse

8 hours ago, webfact said:

the airline’s debt rehabilitation plans

 

Back to the old days????

 

1 hour ago, Kiujunn said:

But the Ministry of Finance stated, immediately after the agreement,  that the government is under no obligation to inject money. 

 

Which, in face-saving Thai financial doublespeak, means the government is under no obligation NOT to inject money either. Nothing's ruled out and nothing's ruled in either.

Nothing will change in the way the airline is run. It'll still be favours for the well connected.

For the rest of us, prices are already way higher than BA, QR, EK, and BR. A few days ago I did a price lookup for travel in 1st Feb & 31st March 2022 LHR/BKK/LHR. Cheapest ecomomy flight with Thai was £754 (full flex economy was £1500). BA eco with baggage was £613. Cheapest Qatar was £474. Even SWISS (no baggage though was only £344). Unless THAI change their pricing then they will find it very hard to attract customers. Expect more bailouts and "restructuring" in the future...

So my chances of a refund from my March 2020 cancelled flight are not looking good?

Under the reorganization Plan Khun Somchai said "All those waiting for refunds for tickets of canceled flights will receive a voucher entitling then to a seat on the new rocket to the moon, after Thai Airways becomes Thai Moonways, your fantasy destination flight to outer space".  He also stated "All details are in the fine print at the bottom of the page".

 

Thai Moonways bares no responsibility for a flight that explodes on takeoff when using the new space Tuk Tuk.  

Edited May 20, 20215 yr by ThailandRyan

7 hours ago, ThailandRyan said:

Thanks, but I see mixed messages with articles 

https://www.thaienquirer.com/27524/thai-airways-jumps-more-than-25-percent-ahead-of-trading-suspension/

 

The SET will impose a trading suspension on THAI from May 18 following the possible delisting due to negative equity, coupled with a non-compliance (NC) sign until the company is able to eliminate the grounds for delisting.

 

So suspension as stated and delisting never occurred. Some funny business is going on.  Yet 49% of shares are still owned by the government.

They call some of those institutions not state government related, but they are. I just don't see how they can do that and keep a serious face.

Quote from the Link: According to local media reports, creditors requested for a condition that Thai Airways will operate under government support as before entering the rehabilitation process, including other benefits to operate related businesses.

 

And there you have it, nothing changes.