THAI: News
Jul 9, 2020, 4:26 am
#541
Join Date: Aug 2005
Location: BKK
Programs: Mucci Chevalier de la Brosse a Cheveux Dore, SK *GfL, BA Gold, WY G, HH DIA, IC Plat Amb., Hertz PC
Posts: 3,686
Thai delays restart of operations until at least September:
https://www.routesonline.com/news/38...n-to-sep-2020/
https://www.routesonline.com/news/38...n-to-sep-2020/
Jul 13, 2020, 5:52 am
#542
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Hong Kong, France
Programs: FB , BA Gold
Posts: 15,542
The covid situation in many countries is bad with a new surge in some others like Japan, Singapore or Hong Kong.
The only good news is that a couple of EU countries are relaxing their restrictions on travel from Thailand. But it is clear that travel to/from Thailand will not pick up before many months. The timing of the current proceedings is good as it won't make sense for TG to restart operations for several months. Restarting end-August does not make economic sense.
The only good news is that a couple of EU countries are relaxing their restrictions on travel from Thailand. But it is clear that travel to/from Thailand will not pick up before many months. The timing of the current proceedings is good as it won't make sense for TG to restart operations for several months. Restarting end-August does not make economic sense.
Jul 15, 2020, 10:13 pm
#543
Join Date: Nov 2012
Location: ZRH
Programs: QR Gold / M&M FTL / Marriott Bonvoy Titanium
Posts: 650
The covid situation in many countries is bad with a new surge in some others like Japan, Singapore or Hong Kong.
The only good news is that a couple of EU countries are relaxing their restrictions on travel from Thailand. But it is clear that travel to/from Thailand will not pick up before many months. The timing of the current proceedings is good as it won't make sense for TG to restart operations for several months. Restarting end-August does not make economic sense.
The only good news is that a couple of EU countries are relaxing their restrictions on travel from Thailand. But it is clear that travel to/from Thailand will not pick up before many months. The timing of the current proceedings is good as it won't make sense for TG to restart operations for several months. Restarting end-August does not make economic sense.
Covid Evil to help keep the power, perfect opportunity.
Many European countries are living almost without much problem now. Business as usual.
So how long Thailand will hide ?
Even Thai citizen cannot travel actually. it's the mess for many couples that I know.
Covid will not disappear soon, time to realize.
Jul 16, 2020, 5:45 am
#544
Join Date: Aug 2005
Location: BKK
Programs: Mucci Chevalier de la Brosse a Cheveux Dore, SK *GfL, BA Gold, WY G, HH DIA, IC Plat Amb., Hertz PC
Posts: 3,686
Elections were held on 24 March last year as promised (albeit delayed), so not sure what you are on about here?
Jul 16, 2020, 6:33 pm
#545
Join Date: Nov 2012
Location: ZRH
Programs: QR Gold / M&M FTL / Marriott Bonvoy Titanium
Posts: 650
Yes sorry wrong explanation, the long due and much delayed one, 2014-> 2019
[Off-topic text redacted by Moderator.]
Thai airlines like TG will suffer very hard form this never ending lock, how long the hospitality sector can survive ? the 3000 Bath incentive will not change much.
[Off-topic text redacted by Moderator.]
Thai airlines like TG will suffer very hard form this never ending lock, how long the hospitality sector can survive ? the 3000 Bath incentive will not change much.
Last edited by Ocn Vw 1K; Jul 19, 2020 at 10:25 am Reason: Please keep OMNI/PR discussions confined to that forum.
Jul 19, 2020, 12:05 pm
#546
Join Date: Oct 2009
Location: Udon Thani, Thailand
Programs: TK E,*G, A-Club G
Posts: 869
Thai delays restart of operations until at least September:
https://www.routesonline.com/news/38...n-to-sep-2020/
https://www.routesonline.com/news/38...n-to-sep-2020/
I need to fly BKK-BRU early september, checked prices in Y, would cost me 1100€ for 100% miles.
I find several airlines that will fly me in J for between 1700-2000€
Like it looks now I would rather have my money back for those 3 tickets and fly any other airline next year.
It very much looks like I won"t be flying TG in september neither...
Jul 20, 2020, 4:31 am
#547
Join Date: Jul 2009
Location: VZ
Programs: M&M, ROP, KrisFlyer
Posts: 1,028
regarding Thai's rehabilitation process - one can find an interesting presentation on its website:
http://thai.listedcompany.com/misc/P...ntation-en.pdf
http://thai.listedcompany.com/misc/P...ntation-en.pdf
Jul 21, 2020, 1:56 am
#548
FlyerTalk Evangelist
Join Date: Mar 2005
Location: WLG/BKK
Programs: TG*G, NZ*GE, QF G, Accor Gold
Posts: 10,171
regarding Thai's rehabilitation process - one can find an interesting presentation on its website:
http://thai.listedcompany.com/misc/P...ntation-en.pdf
http://thai.listedcompany.com/misc/P...ntation-en.pdf
I am curious over the following mention of ‘red ocean’ - I am not familiar with this phrase, and guess it just means debt?
Lack of flexibility in business operation
By holding the status as a state enterprise results in the Company’s business operation lack of flexibility to compete in the red ocean, which demanded highly adaptive strategies to make rapid changes.
By holding the status as a state enterprise results in the Company’s business operation lack of flexibility to compete in the red ocean, which demanded highly adaptive strategies to make rapid changes.
Jul 21, 2020, 2:57 am
#549
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Join Date: Jul 2006
Location: Hong Kong, France
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Quite interesting indeed.
Given the timeline in slide 4, it is hard to see how TG could resume international operations swiftly without creditors agreeing to a plan. Domestic operations may resume faster.
A Red Ocean typically refer to an industry that is highly competitive. Cutthroat competition turns the ocean bloody red.
Given the timeline in slide 4, it is hard to see how TG could resume international operations swiftly without creditors agreeing to a plan. Domestic operations may resume faster.
A Red Ocean typically refer to an industry that is highly competitive. Cutthroat competition turns the ocean bloody red.
Jul 21, 2020, 10:11 am
#550
Join Date: May 2010
Location: UK & Phuket
Programs: TG Plat
Posts: 314
My inside information (for what it is worth) is that flights to Europe will not commence until 23 October. I actually doubt even then [OMNI comment redacted by moderator]
Last edited by NewbieRunner; Jul 25, 2020 at 12:26 pm Reason: OMNI comment redacted by moderator
Jul 27, 2020, 7:49 am
#551
Join Date: Jul 2009
Location: VZ
Programs: M&M, ROP, KrisFlyer
Posts: 1,028
http://thai.listedcompany.com/newsro...704410353E.pdf
https://www.flightglobal.com/strateg...139473.article
https://www.ch-aviation.com/portal/n...worth-of-loans
Thai Airways International has formally defaulted on a wide range of loans and debentures totalling around THB98.5 billion bahts (USD3.1 billion).
The airline said in a stock market filing that between May 27 and July 9, it had received letters from holders of seven batches of debentures notifying it of a formal default. The combined value of the debentures amount to THB85.1 billion (USD2.7 billion), which constitutes 34.7% of the Thai carrier's total liabilities as of December 31, 2019. At the end of the year, the airline had liabilities of THB244.9 billion (USD7.7 billion).
In addition to the seven batches of debentures, Thai Airways also defaulted on a EUR334.5 million euro (USD387.6 million) loan from the Thai Ministry of Finance. The government requested urgent repayment of this loan on May 22, shortly after Thai Airways was stripped of its status as a state-owned enterprise following the sale of a 3.17% stake by the Ministry of Finance to state-owned Vayupak 1 Fund.
The carrier also defaulted on two smaller loans: THB1 billion (USD31.6 million) from CIMB Thai Bank and THB500 million (USD15.8 million) from the Islamic Bank of Thailand.
Thai Airways underlined that while it had received notices of default, it would not try to settle the debts at this moment due to ongoing bankruptcy protection proceedings, which have put an automatic stay on all debts. Thai Airways filed for protective restructuring on May 22, 2020. A court is scheduled to rule on whether to allow the carrier to proceed with its restructuring on August 17, 2020.
https://www.flightglobal.com/strateg...139473.article
https://www.ch-aviation.com/portal/n...worth-of-loans
Thai Airways International has formally defaulted on a wide range of loans and debentures totalling around THB98.5 billion bahts (USD3.1 billion).
The airline said in a stock market filing that between May 27 and July 9, it had received letters from holders of seven batches of debentures notifying it of a formal default. The combined value of the debentures amount to THB85.1 billion (USD2.7 billion), which constitutes 34.7% of the Thai carrier's total liabilities as of December 31, 2019. At the end of the year, the airline had liabilities of THB244.9 billion (USD7.7 billion).
In addition to the seven batches of debentures, Thai Airways also defaulted on a EUR334.5 million euro (USD387.6 million) loan from the Thai Ministry of Finance. The government requested urgent repayment of this loan on May 22, shortly after Thai Airways was stripped of its status as a state-owned enterprise following the sale of a 3.17% stake by the Ministry of Finance to state-owned Vayupak 1 Fund.
The carrier also defaulted on two smaller loans: THB1 billion (USD31.6 million) from CIMB Thai Bank and THB500 million (USD15.8 million) from the Islamic Bank of Thailand.
Thai Airways underlined that while it had received notices of default, it would not try to settle the debts at this moment due to ongoing bankruptcy protection proceedings, which have put an automatic stay on all debts. Thai Airways filed for protective restructuring on May 22, 2020. A court is scheduled to rule on whether to allow the carrier to proceed with its restructuring on August 17, 2020.
Last edited by Creole Spirit; Jul 27, 2020 at 7:57 am
Aug 18, 2020, 6:04 am
#552
Join Date: May 2010
Location: UK & Phuket
Programs: TG Plat
Posts: 314
https://www.bangkokpost.com/business...lated#cxrecs_s
“Thai Airways said on Monday it had nominated a committee of seven — including the company's chairman and acting president, former President Piyasvasti Amranand, veteran banker Boontuck Wungcharoen and EY Corporate Advisory Services Company Limited — to plan the company's restructuring.”
Amranand is involved so there is hope.
“After the court approves its restructuring proposals, the airline said it will take one to two months to develop its plan before presenting it to creditors.”
This and other government announcements leads me to conclude the chances of international flights resuming this year is zero. When in 2021? Who knows? Maybe October. Those in power do not seem to care about the tourist industry or those that depend on it. In a few months when Sweden's action is proven the best and there is no reliable vaccine maybe they will rethink.
“Thai Airways said on Monday it had nominated a committee of seven — including the company's chairman and acting president, former President Piyasvasti Amranand, veteran banker Boontuck Wungcharoen and EY Corporate Advisory Services Company Limited — to plan the company's restructuring.”
Amranand is involved so there is hope.
“After the court approves its restructuring proposals, the airline said it will take one to two months to develop its plan before presenting it to creditors.”
This and other government announcements leads me to conclude the chances of international flights resuming this year is zero. When in 2021? Who knows? Maybe October. Those in power do not seem to care about the tourist industry or those that depend on it. In a few months when Sweden's action is proven the best and there is no reliable vaccine maybe they will rethink.
Aug 19, 2020, 5:57 am
#554
Join Date: Jun 2008
Programs: TK*G (E+), IHG Plat Ambassador
Posts: 7,884
hThose in power do not seem to care about the tourist industry or those that depend on it.
Assume this year 90% of USD 57.5 billion of tourism income is gone
Aug 31, 2020, 7:51 am
#555
Join Date: Jul 2009
Location: VZ
Programs: M&M, ROP, KrisFlyer
Posts: 1,028
latest update upon Thai's restructuring....
http://thai.listedcompany.com/newsro...105400168E.pdf and:
http://thai.listedcompany.com/misc/P...ntation-en.pdf
http://thai.listedcompany.com/newsro...105400168E.pdf and:
http://thai.listedcompany.com/misc/P...ntation-en.pdf
