THAI Airways says it no longer seeks massive loans, economic situation looking better

[webfact]

 

By Erich Parpart

 

Getting loans is no longer a priority for Thai Airways International (THAI)’s debt rehabilitation plan and the airline expects to resume trade on the stock market by 2025, the president of a panel overseeing the rehabilitation said on Friday.

 

“We are seeing a clear recovery and we are readjusting the rehabilitation plan with less loans to make it truly sustainable,” said Piyasvasti Amranand.

 

The new plan was submitted to the Central Bankruptcy Court on Friday.

 

The airline was already in financial trouble prior to the Covid-19 pandemic with yearly losses of more than 10 billion baht.

 

Full story: https://www.thaienquirer.com/41409/thai-airways-says-it-no-longer-seeks-massive-loans-economic-situation-looking-better/

 

-- © Copyright Thai Enquirer 2022-07-02

 

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[starky]

Maybe they have managed to flog a few of Thai Airways version of the Thailand elite visa package "Time to Gold"

https://milelion.com/2022/05/27/thai-airways-time-to-gold-would-you-spend-s14k-for-2-years-of-star-gold/

Edited July 1, 2022 by starky

[harada]

They’re obviously back in the black if they can afford to give away 2 brand new 777s. ????

[realfunster]

1 hour ago, starky said:

Maybe they have managed to flog a few of Thai Airways version of the Thailand elite visa package "Time to Gold"

https://milelion.com/2022/05/27/thai-airways-time-to-gold-would-you-spend-s14k-for-2-years-of-star-gold/

Aside from the visual and aural irritation of the Tinglish tag line used by THAI - obviously they got rid of the English speaker in the company during the restructuring - that doesn’t appear to be a particularly attractive offer for most.

 

I am still waiting for my RMF to recover after taking a write down a couple of years ago, as they had invested some of the fund into a Thai airways debenture. As the writer of the article notes, this “Time to Gold” (????) offer appears little more than a short-term cash grab and you should enter at your own risk…

[starky]

6 minutes ago, realfunster said:

Aside from the visual and aural irritation of the Tinglish tag line used by THAI - obviously they got rid of the English speaker in the company during the restructuring - that doesn’t appear to be a particularly attractive offer for most.

 

I am still waiting for my RMF to recover after taking a write down a couple of years ago, as they had invested some of the fund into a Thai airways debenture. As the writer of the article notes, this “Time to Gold” (????) offer appears little more than a short-term cash grab and you should enter at your own risk…

Which is why I said "flog" and Their version of  Thailand Elite. You only have till Christmas next year to use your flight credits as well. It would defamation to say what I really think about this promotion. I didn't think I needed to draw a picture.

  I have been gold with Thai Airways for many years and the service used to be exemplary not so much now, and with the ever present covid rules flying business is like, well, your almost better off in economy. There are some things I still find quite useful in my ROP membership but it's certainly not for everyone. I've got the airline equivalent of battered wife syndrome I've been with them to long to leave. Lol

Edited July 1, 2022 by starky

[realfunster]

2 minutes ago, starky said:

Which is why I said "flog" and Their version of  Thailand Elite. You only have till Christmas next year to use your flight credits as well. It would defamation to say what I really think about this promotion. I didn't think I needed to draw a picture

Wasn’t having a go at you, I was just passing broader comment on the article and THAI.

Sorry you took it that way. Enjoy your weekend. 

[2baht]

I hope this means Hiso's can fly free in Business Class again. Smooth as Hessian!

[starky]

4 minutes ago, realfunster said:

Wasn’t having a go at you, I was just passing broader comment on the article and THAI.

Sorry you took it that way. Enjoy your weekend. 

Wasn't trying to have a crack either funster didn't take it anyway in particular hope you enjoy your weekend as well ????

[RichardColeman]

3 hours ago, webfact said:

and the airline expects to resume trade on the stock market by 2025

I imagine if they come out with a 'double you money in a year' spiel then Thais will grab those shares like hot cakes !

[Sydebolle]

Oncemore again a pristine example of media smoke screen. Unknown though, if from the desk of one of those TG-executives or a daydreaming junior journalist somewhere out there in the jungle of news. 

Thai has an accrued debt of more than 300 billion (not million) Baht, proudly declared a "profit" of 55 billion Baht by selling off assets as if there is no tomorrow while all those corrupt crooks leading Thai to the disastrous state it is today go unpunished again. 

Upto 30 years ago Thai was a pristine aviation product, shoulder-rubbing with Singapore Airlines and Cathay Pacific. 1992 came, Chatichai Bunya-ananta (who came from BOAC/BA) was "retired" together with his team of aviation experts from Scandinavia and the goons of the Thai airforce and the Ministry of Looting moved in. Result today is a total desaster; more than 50% of the fleet is permanently parked for years on Suvannaphoum and U-Tapao while the Thai Lions, Nok Airs, Thai Viet Jets etc. are flying in and out, load factors +/- 90% and not anywhere near the pile of debt and manure facing TG. 

So take all this good news on Thai with a grain of salt; make sure you have sufficient salt as more might be needed in the future.

[lujanit]

Here is a recent trip report on Thai business class.  Not flattering to say the least.

 

 

[hotchilli]

6 hours ago, webfact said:

“We are seeing a clear recovery and we are readjusting the rehabilitation plan with less loans to make it truly sustainable,” said Piyasvasti Amranand

The bail-out plan continues

[hotchilli]

2 hours ago, RichardColeman said:

I imagine if they come out with a 'double you money in a year' spiel then Thais will grab those shares like hot cakes !

When people start to look at tickets prices the recovery wishes of Thai Airways may fall flat.

Very expensive with other credible carriers flying the same sectors for far less.

 

[Srikcir]

29 minutes ago, hotchilli said:

The bail-out plan continues

Translation:

The bail-out plan prevents massive loans. It's not an option for the airline nor the government as a stakeholder.

[condo62]

If your economic status is better.....give our money back then....thieves  ????

[superal]

4 hours ago, hotchilli said:

When people start to look at tickets prices the recovery wishes of Thai Airways may fall flat.

Very expensive with other credible carriers flying the same sectors for far less.

 

Just did a quick search for Thai Air , direct London to Thailand return , economy , out Dec 8th return Jan 7th was best part of £1000 

[steven100]

11 hours ago, webfact said:

We are seeing a clear recovery and we are readjusting the rehabilitation plan with less loans to make it truly sustainable

Well ...  there you have it   .....   it's all just been a big misunderstanding    !!

[zzaa09]

In delusional theory, perhaps. 

Saying so doesn't make it so.

 

If they're so confident, why not open their full and unreported books to public scrutiny. 

[scorecard]

1 hour ago, zzaa09 said:

In delusional theory, perhaps. 

Saying so doesn't make it so.

 

If they're so confident, why not open their full and unreported books to public scrutiny. 

I rather doubt they are making the rehabilitation progress they are claiming?

[Misterwhisper]

After ALREADY HAVING obtained stupendous loans and a government bail-out package, gone through a comprehensive debt restructuring scheme and narrowly escaped utter bankruptcy, Thai Airways graciously informs us that they...

 

"...no longer seek massive loans" and that their "economic situation [is] looking better".

 

Go figure.

 

Now they can splurge again - hooray! - and in a decade or so we all are going to experience deja-vu once more. It's an endless cycle with this airline. 

[herfiehandbag]

3 hours ago, Misterwhisper said:

Now they can splurge again - hooray! - and in a decade or so we all are going to experience deja-vu once more. It's an endless cycle with this airline. 

A decade? A couple of years more like. And if the next election process results in an elected government free of the dead hand of control of various decaying dynasties of dinosaurs, then the end of the road may loom...