53 minutes ago, ThailandRyan said:

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.  

 

Just present the voucher at any Thai Inter bakery, get your lunchbox and special socks.

 

But not sure where to get a boarding pass because many buildings being sold. And might be thousands of folks 'entitled' to free flights in the line ahead of you.

 

Never mind, should be OK next year...

3 hours ago, scorecard said:

 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? 

Exactly. Doesnt seem at all correct to me.

Presumably the real danger from the Thai perspective is that any defaults - on whatever is finally agreed as 'restructuring' and 'paying down debt' - will be rewarded with plane seizures on almost any international airport outside Thailand.

 

Which means they don't have too many places to hide. China p'raps, as a special favour ...

Nationalistic pride destroys nations, look no further than what it did to Japan and Germany last century. They will keep the flying trough going with no thought of hiring an expert CEO from another airline, not that he would be anything more than a lame duck anyway.So they'll limp along even if it bankrupts the entire treasury, mark my words.

14 hours ago, mtls2005 said:

 

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?

 

 

 

 

 

This whole thing is and will be quite entertaining to follow. Would be very interesting to see the list and amounts owed to creditors.

 

My gut feeling tells that vast majority of the $10Bn+ debt on record is loans held by either State, State controlled banks and institutions, and possibly some select hi-so and their investment companies - kind of hard to believe that foreign investors would have been into this stuff (unless govt guaranteed). Sure some suppliers in the list with due bills that they just need to write down, but I doubt that is substantial in big picture. And the likes of RR who tried to get future lease payments into the number is just game, no meaning, wont happen, nor it is a real loss for RR either.

 

Now, I would say it is impossible for TG to get new loan funding from any other source than state institutions either directly or indirectly (i.e govt guarantee to private institutions, or via govt owned/controlled banks like GSB or Krungthai). Who could possibly be stupid enought as private investor to buy TG debt without state guarantee??

 

Prayut himself said early last week that govt will not invest in TG, yet on Friday he was quoted saying that he will not let TG go bankrupt. Two 180deg contradicting statements...what this likely mean that state banks/institutions, and possibly other banks with govt guarantees fund the new operation and his both statements become true, govt did not fund (but their banks did, and they just guaranteed the possible private banks loans). Case closed.

 

This is the way to ensure that the benefactors continue to enjoy their benefits...and few years later new Prayut will need to deal with the consequences again i.e cover the guarantees when TG defaults the loan payments again. Any sensible supplier wont supply much of anything without govt guarantees or cash pre-payments. By that time any possible hi-so or Prayuts friends maybe have got their loans paid with the funds that government facilitated with their banks and quarantees.  Not an option to let elites to loose if they bought thai debt, thus can not let bankrupt nor do haircuts, just defer.

 

Odds are that if they survive this round, will take only few years is same again (unless they privatise the management of the airline overall - which is unlikely to happen)

 

So milking will just continue...but from overall Thailand perspective this may not be all bad after all, as long as TG continues to be alive, they have some assets like landing rights and the benefits of flag carrier in international agreements. Not an industry insider so cant put a dollar value for those, but sure has some if they are not transferrable to other airlines flying to Thailand. 

 

 

 

On 5/20/2021 at 2:31 PM, holy cow cm said:

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.

Longer you stay here, nothing will surprise.

Dom't think the Hi-sos and nongs want to actually pay from 1st class to London and back from Harrods et al with 300kg of shopping etc

Edited May 21, 20215 yr by RubbaJohnny

13 minutes ago, RubbaJohnny said:

Longer you stay here, nothing will surprise.

Dom't think the Hi-sos and nongs want to actually pay from 1st class to London and back from Harrods et al with 300kg of shopping etc

My daughter worked for Thai airways for about a year ++ before they canned her as did not have seniority. I have heard all of the inner stories of gossip. 

Meanwhile, actually flying in one of their aircraft is now presumably a somewhat higher risk to body & soul than with other international airlines ...