Chitchat Thai Airways Up Lorry While SIA Is Flying Strong! Majulah PAP!

[JohnTan]

BANGKOK — Thailand's government said on Monday (May 18) it plans to submit a rehabilitation plan for troubled national carrier Thai Airways to a bankruptcy court rather than go ahead with a planned rescue.

"The State-Enterprise Planning Office agreed in principle for the rehabilitation of Thai Airways in court... the procedure will be submitted to cabinet tomorrow," government spokeswoman Narumon Pinyosinwat said.

The procedure replaces a previous rescue, which involved the airline seeking a 58.1 billion baht (S$2.6 billion) loan guaranteed by the government to ensure liquidity and help it through the outbreak of the new coronavirus.

"It is similar to filing Chapter 11 in the United States," she said, adding that the details of the rehabilitation plan and when it will be submitted will be discussed by the cabinet on Tuesday.

By May, airlines around the world had grounded about 95 per cent of their capacity as air travel all but came to a standstill due to the coronavirus pandemic.

Thai Airways, though, had been in trouble even before the outbreak of the coronavirus, booking losses every year after 2012, except in 2016.

In 2019, it reported losses of 12.04 billion baht.

As a state-controlled enterprise, the Ministry of Finance, which owns 51 per cent of the national carrier, would approve and initiate the proceedings, bankruptcy law expert, Dr Vicha Mahakul, told Reuters.

"The rehabilitation plan would have to show clarity in how the company will recover and propose a capable person as the planner who is accepted by all sides," Dr Vicha said, adding that the planner would be key in the process.

Under Thai law, creditors, debtors and state agencies can initiate rehabilitation proceedings.

The Thai Airways workers' union said it agreed with the steps.

"We agree with these steps since the court would be unbiased... previous rehabilitation plans were unsuccessful because they were influenced by politicians," its President Nares Peung-yaem said, adding the union would not agree with any plans to reduce the government's shareholding below 51 per cent.


Thai Airways shares slumped 12 per cent on Monday, and are down about 38 per cent in 2020. REUTERS

Read more at https://www.todayonline.com/world/thai-govt-go-bankruptcy-court-thai-airways-rehab-plan

 

[tanwahtiu]

I was thought how much profit or commission, or free money, US make as the main/dominant currency for oil trading only.

And yet US is in debt of $21T.

So to maintain the status quo for Currency Reset, US has to challenge China and Russia.

Whereas Russia is challenged through impeachment of Russia involved in the Trump election, leaving China to deal with one major started the trade war and setup bio warfare with China....

Well wait for WW3 coming ... 不知死...

Now US is causing everything to collapse cutting off international travels and stopping cross borders business travels setup up for WW3 if China insist not bend low.

There is a saying Never Bow To a Strong Man.. and Chinese wld neber do that....

 

[winnipegjets]

All my frequent flyer points gone???????

 

[JohnTan]

All my frequent flyer points gone???????

I fly only by SQ. My frequent flyer points are still there! Pariots fly by SQ only!

 

[winnipegjets]

I fly only by SQ. My frequent flyer points are still there! Pariots fly by SQ only!

SQ will crash soon.

 

[eatshitndie]

without froggy flying sure diving.

 

[eatshitndie]

SQ will crash soon.

any airline that manages to fly popular routes after lockdowns sure to climb out of the crisis. i’m still booked on sq flight from sfo to sin.

 

[syed putra]

So will SIA buy virgin Atlantic or Thai airways.