Photo via Thai Airways

 

Following a successful business rehabilitation, Thai Airways International (THAI) has introduced the Fly for the New Pride campaign, showcasing its readiness to resume trading on the Stock Exchange of Thailand (SET). The airline has significantly decreased its debt and launched new revenue channels as part of this revitalisation.

 

Marking its 65th anniversary, THAI has impressively reduced its liabilities from around 400 billion baht in 2020 to approximately 80 billion baht. Chief Executive Chai Eamsiri indicated that all remaining debt is slated for repayment by 2036, with this year's 10 billion baht payment already secured.

 

As part of restructuring, THAI cut assets by 10 billion baht and streamlined its workforce from nearly 30,000 to 14,000, keeping staff expenses at a competitive 13%. Despite a net loss of 26.9 billion baht last year due to an accounting adjustment from debt-to-equity conversions, THAI's operations have been profitable over the past two years, with revenues climbing back to pre-pandemic levels.

 

To address accumulated accounting losses, THAI reduced its share par value and bolstered capital through a 76 billion baht debt-to-equity swap and rights offering. This financial restructuring enabled a surplus in shareholders' equity and court approval for the business rehabilitation plan exit, expected by May or early June, with SET trading resumption anticipated by July.

 

Looking ahead, THAI has ordered 45 Boeing 787-9 Dreamliners and plans to expand its fleet with an additional 35 aircraft by 2027, aiming for 150 planes by 2033. Initial new aircraft deliveries are expected by mid-2027, complemented by incoming Airbus and additional leased jets to restore pre-pandemic capacity.

 

Collaborating with Airports of Thailand, THAI is positioning Bangkok as a transit hub, offering appealing stopover options to attract longer-staying passengers. A strategic partnership with Bangkok Airways includes a 10 billion baht aircraft maintenance hub at U-tapao airport, seeking to enhance Thailand's role in regional aviation maintenance.

 

Further plans involve developing a new cargo facility at Suvarnabhumi International Airport and expanding into food retail through joint ventures. The winter 2025 schedule features an increase to 883 weekly flights across 64 destinations, accommodating growing passenger demand.

 

As THAI looks forward to fulfilling its rehabilitation plan, exiting it by midyear will facilitate a return to the stock exchange, opening up opportunities for future capital-raising and reinforcing governance and management standards.

 

  Adapted by ASEAN Now from The Thaiger 2025-05-19

 

 

It was inevitable. Meant to be.

Amazing turn-around

creditors from previous bankruptcy will be delighted at the news. 

Wonder how many of the streamlined staff were maintenance workers, they certainly wouldn't be top brass. 

More importantly will it mean lower prices.

Remember when Thai Air cafes were a thing? I often hit the one at Chula Hospital.

The long walks and crowded scum train from the <deleted>alite are obviously paying off with the quality tourists. I've moved to Singapore Air, no <deleted>alite and nice lounge close to the gates.

Will they be able to start serving edible food now? 😆

I hope they restart the BKK-LAX nonstop, I loved that route. 

 

I always liked Thai.