Thai Airways Bankruptcy

[pitsch]

Thai Airways ows me 25 000 Baht for a canceled flight. I hope I will see the money.

[Nereus]

Thai Airways deserve to go belly up, they have bought it on themselves long before any Covid-19 virus appeared.
The virus for them is internal and has been for at least the last 25 years. It has long been a home from home for countless pu-yai and their families.

THAI, with a fleet of 75 aircraft, has close to 22,000 employees on the payroll. By comparison, Singapore Airlines, for years the most successful carrier in the region, operates 136 planes and employs about 15,000 people.
https://www.bangkokpost.com/business/19 ... -off-units

Union opposes privatising THAI, spinning off units

Workers also oppose forced layoffs as speculation grows about how drastic reforms will be

The Thai Airways International union has made clear its stance against privatisation and spinning off potentially profitable units as part of a rescue plan for the ailing national carrier.

Union president Nares Peung-yaem on Friday said the union was determined to oppose any attempt to end the airline as a state enterprise or to shift away any business units.

He made the comment as the union submitted a letter to Prime Minister Prayut Chan-o-cha through Suporn Attawong, an assistant to the PM’s Office minister, at Government House on Friday.

more at the link...…………………………………

But being Thai the union will try and insist that the problem is caused by the current pandemic!

[pitsch]

I just got the refund of the 25 000 Baht from Thai Airways, 2 months after the request.

[HHTel]

Thai Airways to file for bankruptcy after green lighted by SEPO

The State Enterprise Policy Office (SEPO) approved, on Monday, Thai Airways International (THAI)’s rehabilitation plan which will allow it to file for a bankruptcy.

Government spokesperson Narumon Pinyosinwat said after the SEPO meeting that THAI is to file for the bankruptcy with the Central Bankruptcy Court in Thailand after being green lit by the prime minister during the meeting.

The airline said in early April that they only have enough cash left to pay their employees’ wages for one month as the yearly budget for 2020 is now down to 10-12 billion baht.

The flagship carrier posted a net loss of 2.11 billion baht in 2017, 11.6 billion baht in 2018 and 12 billion baht in 2019.

https://www.thaienquirer.com/13140/thai ... d-by-sepo/

[migrant]

I think they were headed that way irregardless of the covid virus

[Dannie Boy]

Thai Airways saved from Bankruptcy - https://www.bbc.co.uk/news/business-52718464

[PeteC]

^ That's old news and incorrect to a degree. The news has been filled with conflicting stories the past two days. Below is the latest.

https://www.bangkokpost.com/thailand/ge ... thai-rehab

[sateeb]

Thai Airways says it cannot honour ticket refunds for now, possibly forever

Citing asset protection, Thai Airways International (THAI) said on Thursday that the airline will temporary be unable to provide refunds for tickets. Thai Airways sources on Friday told Thai Enquirer that some of the ticket refunds will unlikely ever get compensated.

full story at..
https://www.thaienquirer.com/13702/thai ... y-forever/

[pitsch]

I was very lucky to get a refund of 25 000 Baht some days ago because of a canceled flight.

[PeteC]

Proposed rehabilitation of THAI will expose a Pandora’s Box of corruption

https://www.thaipbsworld.com/proposed-r ... orruption/

Former international crime prosecutor, Mr. Wanchai Roujanavong, has likened the proposed rehabilitation of Thai Airways International to the opening of a Pandora’s Box, which will expose extensive corruption in the ailing national flag carrier which has hitherto been hidden from the public.

Writing in his Facebook post today, Mr. Wanchai said that the rehabilitation process is likely to reveal that THAI paid prohibitively high fees for the rental of aircraft, which is said to be one of the causes of the airline’s heavy losses.

He claimed that the airline’s fleet was leased to THAI through several agents, allegedly with the consent of the airline’s board.

Without the proposed rehabilitation plan, the former chief prosecutor said that that the public would probably never know the truth “while the parasites carried on sucking the blood out of the airline.”

He predicted that many corruption cases will emerge as a result of THAI’s rehabilitation process, adding that, since THAI was a state enterprise, before it filed for bankruptcy protection late last month, those accused of corruption will face higher penalties.

THAI has also filed for Chapter 11 bankruptcy protection the US courts and has accumulated debts estimated at about 200 billion baht.

Mr. Wanchai also recommended that the loss-ridden State Railway of Thailand file for bankruptcy protection as well.

[pharvey]

Clarification regarding the notification of the Central Bankruptcy Court, Thailand (THAI Business Reorganization): -

https://www.thaiairways.com/en_TH/news/ ... ews92.page?

[PeteC]

Clarification regarding the notification of the Central Bankruptcy Court, Thailand (THAI Business Reorganization): -

https://www.thaiairways.com/en_TH/news/ ... ews92.page?

I disagree with the last paragraph, the others I didn't read that closely. Without a doubt ticket holders are deemed as creditors. They appear to be trying to draw upon general public stupidity? The ticket holder paid for a product/service that the seller did not deliver. Period! Ticket holders are creditors and can join any law suit if they choose.

[PeteC]

Trading in THAI shares halted, auditors decline to sign off on accounts

https://www.bangkokpost.com/business/19 ... n-accounts

Trading in Thai Airways International Plc shares was suspended by the Stock Exchange of Thailand on Friday after auditors declined to sign off on its financial statements for the six months to June 30.

Auditor Deloitte Touche Tohmatsu Jaiyos Co said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created "material uncertainty" and may affect the value of assets and liabilities.

THAI is under bankruptcy protection and is due to submit its rehabilitation plan to the bankruptcy court on Monday.

In a statement, the airline said losses from operations since 2013 had resulted in a capital deficiency.

THAI booked losses of 22.68 billion baht and 5.35 billion baht in the first and second quarters, respectively, according to a delayed earnings report released late on Thursday.... (Continued at link)

[PeteC]

The above doesn't bode well for Thai Airways. The above could mean a multitude of things from missing money and corruption, to bad book keeping where there is not a proper trail to follow, plus many more possible reasons.

The businesses I've been in, when auditors didn't sign off on the yearly audit it was a huge deal and severe trouble coming for the company.

Stay tuned as I'm sure the details will be clarified. To the media hound dogs this a raw, meaty bone.

[migrant]

As Pete said it doesn't bode well. In my training I worked as part of an audit team and, while things have changed somewhat, it is very serious for an auditor to refuse to sign the statements.