Thai Airways denies bankruptcy rumors

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Thai Airways denies bankruptcy rumors



BANGKOK, 7 Jan 2014, (NNT) - National Carrier Thai Airways International has denied rumors spreading on social media that is about to be insolvent.

According to Thai Airways, it is fully capable of servicing its debts and it is impossible for the carrier to be anywhere near insolvency as rumored. The airlines has never missed its payment date since it was founded.

THAI also stated that it has set aside the funds for its debt payment, while maintaining the company's fluidity despite last year's spending on its fleet upgrades. The firm has 315.9 billion baht worth of assets and 183.5 billion baht worth of interest-bearing loans at the end of the third quarter of last year.

The company pointed out that it once faced a similar predicament in 2008, when it incurred a 14.9 billion baht loss; despite the circumstances, the company was able to service its debt on time.

Thai Airways also reaffirms its stable financial status, ensuring its employees and the public that it has solid spending plans with flexible strategies and that it is nowhere near being bankrupt.


-- NNT 2014-01-07

[RubbaJohnny]

Sure its home base to be a hub for shutdowns will help.

It would be difficult to buy such publicity, no one in their right mind would bank on something at risk.

However thse who ride 1st with 90 odd bags on shopping trips will ensure the flagship is the last to go.

I wonder where the very last plane full of hi-so loot may end up ,Do Buy?

[Prbkk]

A good start would be to try to get the people flying at the pointy end to pay for their seats...

[mrtoad]

Too many freebies to Governement cronies for a start

[laurentbkk]

Thai airways is on the edge of bankruptcy for years now , I just came back from abroad 2 days ago in biz with TG , awful service , lousy food and staff over 50yo looking bored .... No wonder they have issues ....I prefer not to mention the food and the terrible seat and arriving at suvharnablabla airport after 11h flight discharged in a bus .... the corruption at TG is very well know for the last 2 decades ...

[smoochy]

Meh. Don't care if they do. Their service is really not up to snuff anyway.

[steveromagnino]

The trip I took to Hong Kong right after the 2011 election, everyone around us was on free tickets, they were all the upcountry 'or bor dtor' and kamnans who had delivered the votes asked. Some had not travelled abroad before and seemed extremely excited, I guess I would be too. It looked like we were boarding a bus going to Nakhon Nowhere. Never seen the booze cabinet cleaned out so quickly.....at about 8am in the morning.

I know when the flights were going direct to USA, it was almost expected that the entire business and first class sections were filled with government and civil servants, none of whom were paying for the tickets.

With such rampant government interference its not surprising that not only does it drive the Thai Airways workers crazy, but also has a massive effect on the profits. Naturally, the CEO and the board need to be compliant and complicit, otherwise the scheme doesn't work.....also massive skim in the purchase of the plans as well allegedly.

All adds up to a (IMHO) great airline with massive potential, absolutely hamstrung by its owners who cannot keep their hands out of the till.

And when you hear rumours of the low cost airlines not having to provide any real benefits to the civil service/government officials....and their ownership...and their access to the airports....then it really makes you realise the blatant greed of some of the oligarchs of Thailand (even those living abroad).

Edited January 7, 2014 by steveromagnino

[Thai at Heart]

Well the government is it's banker.

They can't find money for rice so where are they supposed to find money to pump in to thai?

[Rinrada]

Still recon that Thai Airways have a good product but seems that over the last few years they have lost their way...lost the plot even.

Started using them in late 90s and held a Gold card with them for over 10 years and always enjoyed the experience.

Remember one great r/t Lon-Bkk-Sydney where for most of the way I had the First Class cabin to myself..amazing.

Recently they have been going through CEOs like theres no tomorrow and read somewhere that they employ 40 Vice Presidents....eh ..surely not true since even the biggest companies only really need the one.?

Combine that with stories of ghosts/spirits on the planes and buckets of black paint to cover up..assume their loss of face... then who in their right mind would wish to use them.

Thais don't like spirits and westerners only expect them in a glass with ice and lemon.

Few months ago booked a couple of singles CM-BKK with last of my Air Miles for November but still waiting for final response re non-confirmation....They still however took the miles....

At last minute managed to get a flight with Air Asia...thanks AA...

[MK1]

Thai airways is on the edge of bankruptcy for years now , I just came back from abroad 2 days ago in biz with TG , awful service , lousy food and staff over 50yo looking bored .... No wonder they have issues ....I prefer not to mention the food and the terrible seat and arriving at suvharnablabla airport after 11h flight discharged in a bus .... the corruption at TG is very well know for the last 2 decades ...

Providing Cheese & Crackers are still on the menu then everything should be OK. However, the hostesses are becoming like old fruit though. The labor union of the airline is most likely spinning fear in order to rid the airline of fat-cat management so their members can get a pay rise.

[englishoak]

Yea cool bailout Thai (bloody overpriced) Airways.... throw a load of money into another black hole...

[howzat]

Horrible service and overinflated prices. Typical Thai thinking is loosing customers so let's put up the prices and loose more customers so let's put up prices again. They are a joke a bit,like the government

[ginjag]

Yea cool bailout Thai (bloody overpriced) Airways.... throw a load of money into another black hole...

If it's in the red, and is state owned and the state is bankrupt, but the airline denies rumours. ????

Airline-roads-rail-all in diabolical mess, water taxi canals open sewers scams countless probs, corruption as high in the world rankings as road deaths.

I have a sneaking feeling it could well be a government problem, who are unable to govern due to Brains-rust.

[aguy30]

Have how many A340's sitting around out of service and still on the books at 4 times their real world value?

Edited January 7, 2014 by aguy30

[mrtoad]

I have generally given THAI a wide berth for a number of years, purely because they are really overpriced, and the service is poor IMO.

Last year I flew BKK-LHR-BKK in biz, which was fine to be fair. I recently had a flight to Singapore on Thai which was in Economy, it was IMO poor service, and the only reason I flew with them was because of ticket availability for me to get to Brisbane.

The freebies, and corruption are killing the company.

[Katipo]

Having a national carrier is a matter of pride. Letting that carrier go into bankruptcy can seriously damage that pride.... especially in a country where it is as ridiculously as important as it is in Thailand. Ergo, it will not be allowed to happen.

[Mosha]

I have generally given THAI a wide berth for a number of years, purely because they are really overpriced, and the service is poor IMO.

Last year I flew BKK-LHR-BKK in biz, which was fine to be fair. I recently had a flight to Singapore on Thai which was in Economy, it was IMO poor service, and the only reason I flew with them was because of ticket availability for me to get to Brisbane.

The freebies, and corruption are killing the company.

Last flight I took back here from LHR. The cattle section was 1/4 full. Almost everyone had a bed.

[aguy30]

Thai Airways was a good one to fly. To bad that was many tears ago. Now over priced and many aircraft long overdue for renovation. Some planes aren't much better than a Thai intercity bus. Food is comparable to the 7-11 microwave assortment. Nothing exceptional about in flight service, if you get any. Thai is becoming a low price, no frills airline, but with high quality airline prices. Maybe it is that Thainess again of mai pen rai, give less and charge more.

Edited January 7, 2014 by aguy30

[Tatsujin]

Is this the airline that Arisman is going to buy / "save" . . . ?

[winstonc]

Yea cool bailout Thai (bloody overpriced) Airways.... throw a load of money into another black hole...

well done you admit they waste money hand over fist then,more corruption from this lot..i just want you to tell us whose fault it is.... come on there are a lot of black holes here

[kimamey]

Thai airways is on the edge of bankruptcy for years now , I just came back from abroad 2 days ago in biz with TG , awful service , lousy food and staff over 50yo looking bored .... No wonder they have issues ....I prefer not to mention the food and the terrible seat and arriving at suvharnablabla airport after 11h flight discharged in a bus .... the corruption at TG is very well know for the last 2 decades ...

I've never flown Thai international but their domestic flights from Bangkok to Khon Kaen are pretty good with new planes. Expensive though.

[ginjag]

Thai airways is on the edge of bankruptcy for years now , I just came back from abroad 2 days ago in biz with TG , awful service , lousy food and staff over 50yo looking bored .... No wonder they have issues ....I prefer not to mention the food and the terrible seat and arriving at suvharnablabla airport after 11h flight discharged in a bus .... the corruption at TG is very well know for the last 2 decades ...

I've never flown Thai international but their domestic flights from Bangkok to Khon Kaen are pretty good with new planes. Expensive though.

Thai Smile from Udon to BKK are very high priced, at 2850 baht one way------ same plane as Air Asia 1500 baht no promotion. A poster said why ???

Monopoly that's why, I used to fly A Asia to Swampy now it takes me to D Muang. Thai smile Budget airline believe it or not was not told with other budget airlines all D muang.. it flies into Swampy to get all international passengers--hence the price-no competition. Budget at near 3000 baht one way. JOKE

[Ricardo]

Thai Airways are just as sound as BAAC, or the current Thai government ... erm ... erm ...

[RubbaJohnny]

Having a national carrier is a matter of pride. Letting that carrier go into bankruptcy can seriously damage that pride.... especially in a country where it is as ridiculously as important as it is in Thailand. Ergo, it will not be allowed to happen.

Indeed then the endless shopping freebies and mia nois would have to god forbid pay a foreign airline and the transactions would be trackable/accountable

[Thai at Heart]

Thai airways is on the edge of bankruptcy for years now , I just came back from abroad 2 days ago in biz with TG , awful service , lousy food and staff over 50yo looking bored .... No wonder they have issues ....I prefer not to mention the food and the terrible seat and arriving at suvharnablabla airport after 11h flight discharged in a bus .... the corruption at TG is very well know for the last 2 decades ...

I've never flown Thai international but their domestic flights from Bangkok to Khon Kaen are pretty good with new planes. Expensive though.

Considering that it is possible to fly within Europe on budget airlines for 25gbp for flights often over 2 hours, the prices that tg put up are extortionate.

Has there ever been an occurrence whereby a state airline doesn't get capitalised to cover or a loss? Zimbabwe airlines?

Edited January 7, 2014 by Thai at Heart

[kingstonkid]

The problem with Thai is the same one that Air Canada had. You cannot compete if the government is involved in the company. best thing they could do is privatize it fully and let some business people get rid of the apoointed wonders.

[little mary sunshine]

Last time I flew Thai Air it was very expensive and the plane was rather old. Let's

just say I won't be booking any flights with pre paid tickets in case it goes belly up.

[ozyjon]

Go up, go down, don't care, don't fly with them any more, too expensive for the flight, good luck when the plane is full up in first class but empty economy,, scratch my head, why this is happening? Me don't know.

[Thai at Heart]

Last time I flew Thai Air it was very expensive and the plane was rather old. Let's

just say I won't be booking any flights with pre paid tickets in case it goes belly up.

Well if people start to think like that, you may as well kiss goodbye to the airline.

It would only take a few percent of customers to decide to do what you do, and their cash flow would fall through the floor, and then it really would be goodnight.

[BEVUP]

Ok i FIFO of Brisbane AUS

Thai changed their schedule for which i was flying on, out on a Tues (ariving same day in BKK) & return on Mon (arr on Tue 2pm ) so that left me with no choice but Sing

Thai price if i juggled times $1100 Sings on the days req $1600 + & full plains throughout year (due to mixing flights)

Difference whith service

Thai dont care about collecting head phones & they always have about 10 seats reserved down the back to sleep & are lazy

Singapores food has droped ie usually 2 meals but now one just an appertiser

But Singapore dont charge when changing ticket like Thai do (always book cheapest flight)