Creole Spirit

Report on the Summary of Guidelines, Corrective Measures, and Relevant Considerations and Actions with Respect to the Caution (C) sign on Thai Airways International Public Company Limited's Securities
and:
https://www.nationthailand.com/busin...ernal_referral
https://www.bangkokpost.com/business...-legal-advisor
https://www.nationthailand.com/busin...ernal_referral
https://asia.nikkei.com/Opinion/Thai...-sector-reform

most recently and very recommended:
https://www.bangkokpost.com/opinion/...ll-not-be-easy

Thai-Kiwi

There is a video Linked at the conclusion Of the second article. It features TG staff participating in a mashup of “I will survive” with some Thai elements.

Time will tell if TG survives.....

CPH-Flyer

Kind of sweet video, though with a few annoying elements.

I do hope Thai does survive, in a form not too far from their past good sides. I don't see why it should not be possible. I can of course see reasons why they might not succeed, but there should be ways through the mess.

Thai-Kiwi

I took on 'punt' on TG surviving and extended the validity of my J tickets (GUP) - not much money compared to some I have no doubt. Yet to hear back on the actual mechanism for 'extended flexibility, but in the worst case I'll seek a refund in late 2021.

NZ is officially COVID-free, but with locked borders. Not sure when travel to Asia will return....but maybe not in 2020.

transpac

THAI should take no more than seven years to recover

Once the creditors are listed and classified within two months after the rehab plan is established, Thai Airways International (THAI)’s rehabilitation should be completed within seven years.
Meanwhile, Onanong Chuhaman, chief of THAI’s Investor Relations Department, said the airline’s stock has been given the “C” grade due to overwhelming debt caused by stiffer competition, open skies policy and the effects of the Covid-19 crisis.

https://www.nationthailand.com/busin...ernal_referral


Thai Airways asks German, Swiss courts for asset protection

BANGKOK, June 9 (Reuters) - Thai Airways has asked German and Swiss courts to protect its planes, deposit accounts and other assets overseas from creditors, a government spokeswoman said.

https://www.reuters.com/article/thai...eswoman%20said

Creole Spirit

the link of German Amtsgericht in Frankfurt concerning Thai AIrways "Order" has already been deleted....
b-t-w: the 'official' German translation must have been done by Google - was wondering that well known Baker & McKenzie Attorneys had dared to submit it to the court

CPH-Flyer

Maybe Thai has a few unpaid bills with Baker as well, so they get what they pay for. Sometimes though, it is more about letterhead than anything else when using it he bug international law firms, though I don't know how Baker is perceived in Germany.

Thai-Kiwi

Email from THAI delivered 17:30 local time.

Dear Valued customers,

We would like to inform our valued customers that certain letters, documents, or notifications may be delivered to you via E-mail or SMS in accordance with the business reorganization process of Thai Airways International Public Company Limited consequent to the relevant business reorganization petition filed with and found for by the Central Bankruptcy Court.

During the period where the company undergoes the business reorganization, which plays a significant role to its survival, the company remains resolute to ensure our customers are provided with the best care within its current capability, especially for those whose airfare refunds are pending as well as honor certain benefits for our Royal Orchid Plus members, including membership status and miles being the most important .

Please rest assured that the company shall overcome this crisis, albeit great magnitude, and be ‘Airline of Pride’ which offers the best on-flight services for our valued customers once again. Any update and progress will be further communicated to you via various channels.

On this occasion, please allow us to express our gratitude for your kind understanding and patronage through these years. It is our greatest hope to be able to serve you again in the near future.

Best regards,
Thai Airways International Public Company Limited

Thai-Kiwi

Email received from Bankruptcy Court lists (among many things) a range of THAI’s debtors who are instructed to pay the Court monies owed by them to THAI.

Many airlines listed (not SQ as far as I could see).https://app-a.nipamail.com/track/cli...Fcbctg0001.pdf

I assume this email was sent to all THAI’s creditors.

Creole Spirit

THAI's new acting president and the rehab panel promise to shed only 5% of staff...
https://www.nationthailand.com/busin...ernal_referral

SKT-DK

That hardly sound like a restructuring... I somehow doubt that will fly with the bankruptcy court...

restlessinRNO

I agree. Clearly they are not serious about any reorganization. I imagine losses and government subsidies will continue.

SKT-DK

I suspect so too, at least for the loss part - but will be interesting how they will spin any future subsidies after TG lost its SOE status. I imagine it would be very hard to find public support for any subsidies too, as was the case last time it was brought up.

CPH-Flyer

Maybe they will move people to companies that they will spin off, and then when they go bankrupt under new owners, or get restructured during the integration, Thai has not fired more than 5% of the staff. It is a not too uncommon process to call it something else than terminations. However for the staff in question, to paraphrase Shakespeare, a termination by any other name is still as painful.

But a new structure is clearly needed.

Sam Bee

Has this been mentioned? Thai have terminated all seat only / ITX fares in the UK - "At present, THAI is undergoing a rehabilitation plan, according to Thai law, and in doing so, it is obliged to implement a new fare structure. All partners will still be able to book THAI at revised Published Fare levels (Public Fares – loaded type L). "

Implies it is worldwide. Odd thing to have in 'Thai Law'??