THAI: News

Old May 20, 20, 3:22 am
  #496  
FlyerTalk Evangelist
Original Poster
 
Join Date: Sep 1999
Posts: 11,734
Airbus calls in THAI debts for 30 rented jets


Airbus has notified Thai Airways International (THAI) of debts it owes on 30 rented aircraft, as the national carrier struggles to formulate a plan for financial recovery.

Deputy Transport Minister Thaworn Senneam said that THAI’s debts were checked on May 15, when documents showed that Airbus is trying to collect debts for rental of 30 airplanes as the due date draws close.

https://www.nationthailand.com/news/30388184
transpac is offline  
Old May 21, 20, 12:18 pm
  #497  
 
Join Date: Mar 2005
Location: PPQ/WLG/BKK
Programs: TG*G, Accor Gold
Posts: 7,641
Meanwhile, officials at the ministry said THAI was still able to pay salaries and make other payments until the end of June, though it has to negotiate delays in repayment with creditors.

“If THAI comes up with a rehabilitation plan in the next three to four weeks, we expect it to be able to cover salaries and other payments until the end of October,” an official said.

Deputy Prime Minister Wissanu Krea-ngam, meanwhile, said the government will no longer provide financial aid to THAI.

“Once the Finance Ministry sells 3 per cent of its shares, bringing its holding down to 48 per cent, then THAI will lose its state-enterprise status and become a public company,” he said.

He made the comment after meeting with Finance Minister Uttama Savanayana, Saksayam and representatives of the State Enterprise Policy Committee on Thursday.


https://www.nationthailand.com/busin...ernal_referral
Thai-Kiwi is online now  
Old May 21, 20, 7:41 pm
  #498  
FlyerTalk Evangelist
 
Join Date: Jul 2006
Location: Hong Kong
Programs: FB AF Silver, BA Gold
Posts: 12,095
Originally Posted by transpac View Post
Airbus calls in THAI debts for 30 rented jets


Airbus has notified Thai Airways International (THAI) of debts it owes on 30 rented aircraft, as the national carrier struggles to formulate a plan for financial recovery.

Deputy Transport Minister Thaworn Senneam said that THAI’s debts were checked on May 15, when documents showed that Airbus is trying to collect debts for rental of 30 airplanes as the due date draws close.

https://www.nationthailand.com/news/30388184
This is silly. Airbus is not in the business of renting planes.

Maybe this is the reference to some of the large aircraft leasing companies.
brunos is offline  
Old May 22, 20, 12:31 am
  #499  
FlyerTalk Evangelist
Original Poster
 
Join Date: Sep 1999
Posts: 11,734
Originally Posted by brunos View Post
This is silly. Airbus is not in the business of renting planes.

Maybe this is the reference to some of the large aircraft leasing companies.
Agreed.

It looks like the Airbus aircraft are leased through at least three different leasing companies.

Suspect the Deputy Transport Minister, and The Nation's "reporter" "streamlined" the debt path?
transpac is offline  
Old May 22, 20, 1:44 am
  #500  
FlyerTalk Evangelist
 
Join Date: Mar 2001
Location: SDF
Programs: former Olympic Airways Gold (yeah - still proud of that!)
Posts: 13,803
Originally Posted by Thaikwai View Post
"rational and efficient"......two very strange words to use in any context related to THAI or this bungling excuse for a dictatorship disguised (badly) as a government!!!
I think TG has some sound fundamentals.... their flights are often full. Their fares aren't super cheap. They fly to one of the most popular tourist destinations in the world. On paper, things should be good.
LHR/MEL/Europe FF is offline  
Old May 22, 20, 2:06 am
  #501  
 
Join Date: Aug 2005
Location: BKK
Programs: SK EBG for Life (*G), BA Gold, HH DIA, IC Platinum Ambassador, Hertz President's Circle, Sixt Plat
Posts: 1,060
Originally Posted by LHR/MEL/Europe FF View Post
I think TG has some sound fundamentals.... their flights are often full. Their fares aren't super cheap. They fly to one of the most popular tourist destinations in the world. On paper, things should be good.
I agree - there is good potential, but the airline needs a sound, commercially focussed management, and I think stripping it off it’s SOE status in order for it to be under ‘normal’ labour and management regulations is a good step in the right direction.

I am surprised to see that the union made a 180 degree turn and now will not oppose the move, though!
SKT-DK is offline  
Old May 22, 20, 3:15 am
  #502  
 
Join Date: Aug 2015
Location: London
Programs: Thai Royal Orchid Plus Gold, BA Silver, Alitalia Freccia Alata
Posts: 291
Originally Posted by Thai-Kiwi View Post
Deputy Prime Minister Wissanu Krea-ngam, meanwhile, said the government will no longer provide financial aid to THAI.

“Once the Finance Ministry sells 3 per cent of its shares, bringing its holding down to 48 per cent, then THAI will lose its state-enterprise status and become a public company,” he said.
I'm not a finance expert but isn't the most important point "the government will no longer provide financial aid to THAI"? In other words they area not Alitalia or South African Airways.
ChampagneSocialist is offline  
Old May 22, 20, 3:21 am
  #503  
 
Join Date: Mar 2005
Location: PPQ/WLG/BKK
Programs: TG*G, Accor Gold
Posts: 7,641
Originally Posted by ChampagneSocialist View Post
I'm not a finance expert but isn't the most important point "the government will no longer provide financial aid to THAI"? In other words they area not Alitalia or South African Airways.
Likewise - which is why that particular point struck a (non-technical) chord with me, and hence the text extract.
Thai-Kiwi is online now  
Old May 22, 20, 4:23 am
  #504  
 
Join Date: Aug 2005
Location: BKK
Programs: SK EBG for Life (*G), BA Gold, HH DIA, IC Platinum Ambassador, Hertz President's Circle, Sixt Plat
Posts: 1,060
Originally Posted by ChampagneSocialist View Post
I'm not a finance expert but isn't the most important point "the government will no longer provide financial aid to THAI"? In other words they area not Alitalia or South African Airways.
Actually for the restructuring to proceed, the loss of SOE status is very important as far as I understand, as it removes some protection mechanisms.
That said, rumours have it that the 3% stake will be sold to a government run fund, so they may still be de facto in control, albeit not under the legal protection of the law on state owned enterprises.
SKT-DK is offline  
Old May 22, 20, 11:45 pm
  #505  
 
Join Date: Oct 2018
Posts: 4
ROP

Hello all. So just wondering - has anybody heard anything about what might happen to ROP points and awards in the great restructuring? I'm sure that given that they're only about to take the first tentative steps in the process, nobody knows. But can't help thinking about it!
sandgrounder54 is offline  
Old Yesterday, 1:33 am
  #506  
FlyerTalk Evangelist
 
Join Date: Jul 2011
Location: Tokyo
Programs: JMB Diamond Metal Card (OWE) , SAS Eurobonus Gold, (*G) Marriott Ambassador (LTP)
Posts: 11,465
Originally Posted by sandgrounder54 View Post
Hello all. So just wondering - has anybody heard anything about what might happen to ROP points and awards in the great restructuring? I'm sure that given that they're only about to take the first tentative steps in the process, nobody knows. But can't help thinking about it!
For the various bankruptcies and restructuring under administration that has happened around the world, only in the cases where there has been no on going entity has there been an impact to the frequent flyer accounts.

Ansett Australia, Air Berlin, are examples of defaults were all points were lost.

United Airlines and the two other major US carriers are examples where a bankruptcy restructuring has had zero impact to frequent flyer accounts.

British Midlands, is an example where the bankrupt carrier was absorbed in to another (BA) and had no points were lost. Though there probably was a debate about whether the conversion was fair.

As Thai is probably aiming for a restructure leading to a going concern (option two) , I would not worry too much about FFP balances or status.
Thai-Kiwi and SKT-DK like this.
CPH-Flyer is online now  
Old Yesterday, 9:01 pm
  #507  
 
Join Date: Oct 2018
Posts: 4
Thanks CPH-Flyer. For many reasons, here's hoping THAI pull through this.
sandgrounder54 is offline  

Thread Tools
Search this Thread
Search Engine: