Thai Restructuring Plan To Be Known In Two Weeks

[george]

THAI reform plan to be known in 1 or 2 weeks: PM

BANGKOK: -- Prime Minister Abhisit Vejjjajiva said Sunday details of how Thai Airways International to be reformed to overcome its financial problems should be known in one or two weeks.

Giving an interview to reporters at the Government House, Abhisit said THAI wants a financial rescue from the government but the finance minister wants THAI to come up with a restructuring plan first.

He said talks on the restructuring have been going on for sometime and he learnt that details should come out next week or the week after.

-- The Nation 2009-03-08

[Oberkommando]

Are the board still going to get their massive bonuses that the shareholders are trying to block through the courts?

Massive bonuses, despite the Airline losing Billions and asking the Government for bailouts.

Some of the major PAD funders and members of this current Government are on the board I believe.

Edited March 8, 2009 by Oberkommando

[animatic]

Big Bonuses are a non-starter these days.

[henryalleman]

I Thai Airway's still the National carrier. I mean is the Government still a share holder in the company.

[londonthai]

Some of the major PAD funders and members of this current Government are on the board I believe.

that might explain, why TG declared recently 20bln baht loss for the last year, despite making huge profit in the previous 42 years. Government bailout will come back to board members pockets, not, that they are in control of government.

interesting to know what those proposals will be, but I suspect, that they are just a formality, to finanse TG

[Ricardo]

Some of the major PAD funders and members of this current Government are on the board I believe.

Interesting. Do you have a source for this, please ?

It would be crazy if anyone at TG got bonuses, when the business is struggling to survive, although that hasn't stopped some western bankers from queuing-up with their hands out-stretched !

[geriatrickid]

Some of the major PAD funders and members of this current Government are on the board I believe.

Interesting. Do you have a source for this, please ?

It would be crazy if anyone at TG got bonuses, when the business is struggling to survive, although that hasn't stopped some western bankers from queuing-up with their hands out-stretched !

One can link interests on any board by looking at the organizations and other boards they belong too. I believe what may have tipped off the initial observation was the presence of former military officers that were friends of the PAD organizers. As well, TG did adopt a hostile position to the former government. I don't think one need to be a brilliant detective to draw the same conclusion.

The fact that some western bankers took large bonus payments has no bearing here. Two wrongs do not make a right. Besides, many of those bankers are facing regulatory inquiries now. The penalties will cost them more than the bonuses.