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THAI’s Corporate Image and Communications Department said on Thursday it is unable to offer refunds at this time as the Central Bankruptcy Court admitted the airline’s request for rehab under the bankruptcy law on Wednesday. The losses spiraled to $361m in 2018 and $374m last year. The airline asked for the second time for the bankruptcy court to extend the deadline when it needs to file its reorganization plan from January 2 to February 4, and now to March 3. Asking where the largest companies in the world are located and where the biggest bankruptcies of 2020 have taken place will give, quite unsurprisingly, the same answer. By. I want to see a huge reduction of the number of employee. If a charge back is successful often depends on the bank and how customer friendly they are. Share. We have decided to petition for restructuring and not let Thai Airways go bankrupt. A new slate of seven planners were nominated by the company and also approved by the court. Thai Airways logged losses of $374.3 million in 2019, $361.9 million in 2018 and $65.8 million in 2017. In 2019, it reported losses of 12bn baht. The petition said THAI deserved to be revived because of its sound business foundations, years of experience, the profit-generating potential of its business units, and its brand value. Thai Airways announced Tuesday that the government has approved its proposal for a sweeping restructuring plan to be overseen by the country's Central Bankruptcy Court. Trip Report: What’s Changed on Emirates Flight? “Thai Airways will enter a rehabilitation process under the court. The airline has been accumulating losses year on year for over a decade. Facebook. Photo: Getty Images THAI has suffered heavy losses. Catch up on the developing stories making headlines. THAI is monitoring the situation and preventive measures and lockdowns in each country as well as travel demand to resume services as the Covid-19 situation improves,” the airline’s website said. Mr. Chansin Treenuchagron, Acting President and Member of the Board of Directors, Thai Airways International Public Company Limited (THAI), revealed that on 14 September 2020, the Central Bankruptcy Court issued an order for THAI’s business reorganization and appointed the planner as nominated by TH All the latest breaking news on Thai Airways. The plan will soon be presented to the cabinet for further action. Thailand National News; Thai Cabinet sends THAI airways to Bankruptcy court to develop rehabilitation plan, Prime Minister releases message . The Central Bankruptcy Court had announced the trial order regarding the … #hyatt #worldo, Hyatt Asia-Pacific 20% Off Through May 14, 2021, Le Meridien Bora Bora Closes For Renovations (18 To 24 Months), Thai Airways Postpones Bankruptcy Plan Until March 3, 2021, Some Of Bangkok Airways & THAI Domestic Airport Lounges Shutting Down Again Due To Covid-19, Thai Airways Resumes Mini-Schedule To Chiang Mai & Phuket, Cancels New Year Celebration Flight. ... 29 April 2020. It all started on Tuesday when Thai Airways went to court and then Wednesday their petition was accepted according to Bangkok Post. “Thai’s reform plan has been approved by [Thai’s] board of directors on 17 April 2020 and presented to the State Enterprise Policy Office for consideration on 29 April 2020. Thai Airways logged losses of 12 billion baht ($374.3 million) in 2019, 11.6 billion baht ($361.9 million) in 2018 and 2.11 billion baht ($65.8 million) in 2017. Bangkok – Auckland eff 01JUL20 3 weekly 787-9 Bangkok – Beijing Capital eff 01JUL20 3 weekly 777-300ER Bangkok – Brisbane eff 01JUL20 2 weekly 777-200ER TG wouldn’t come to this point if it’s managed efficiently, professionally and act as a really commercial airline. As of 1030GMT 08MAY20, planned operation for the period of 01JUL20 – 24OCT20 as follows. Thai Airways files for bankruptcy at the Central bankruptcy court in Bangkok as 4 new heavyweight directors take their seats on the board. Also to stop fancy VVIP handling. Thai Airways is the flag carrier of Thailand, the vast majority of the airline is owned by the Thai Finance Ministry. Adam Judd - Tuesday, 19 May 2020, 20:45. In October the President of Thai Airways told employees that the airline was on the verge of shutting down with only a month's runway to execute a turnaround. Thai Airways International Plc is a step closer to restructuring via a bankruptcy court after a key government panel backed the plan, which is due for consideration by the Cabinet on Tuesday. Afhængig af planens udførelse, så vil flyselskabet fortsætte med at operere imens. Facebook. However, I want to see a lot of big changes in management and operation. They are not capable since the beginning. Pinterest. No plans for rehabilitation have been detailed, although it is understood that Thai Airways currently has over 92 billion baht ($2.87 billion) in debt. Thai Airways airplanes are parked at the tarmac of Suvarnabhumi Airport in Bangkok, Thailand March 25, 2020 REUTERS/Jorge Silva/File Photo BANGKOK -- Thailand's cash-strapped national carrier will look to undergo a restructuring through the kingdom's bankruptcy court, premier Prayut Chan-O-Cha said Tuesday, as the stricken company is battered by the crash in tourism caused by the coronavirus. RESOLVED: Marriott Bonvoy Sends Targeted Bonus Offers But Cannot Register? More than half of the debt of the company is held abroad and THAI will have to file for Chapter 11 Bankruptcy Protection in the U.S. as well as the most debt is held there. Wonder how much they paid for that 5-, And the sunsets are beautiful too! A senior government spokeswoman confirmed to Reuters that the airline will be filing for the Thai equivalent of Chapter 11 Bankruptcy. Global news and insight for corporate financial professionals. The losses spiraled to … Forthcoming actions include a major debt restructuring, deep cost cuts, all-round reorganisation of the company, an income-generating capability shake-up and flight route improvement. Of course this amount will go up with each month where the airline can’t operate. National – Thailand’s Central Bankruptcy Court has approved of Thai Airways rehabilitation plan under the appointment of EY Corporate Advisory Services and the company’s board members as a team of debt rehabilitation planners. It's Free! Considering THAI hasn’t operated any international or domestic flights in April, May and June I’d estimate that (considering the size of the airline) at least one Billion US$ [31 Billion THB] is outstanding to be repaid to passengers. The airline promptly worked to walk that back, suggesting it was hyperbolic, but it nonetheless underscored that Thai Airways is underperforming and in financial difficulty, propped up by the Thai government. As there are so many inside and outside factors that control the company. The carrier’s petition for rehabilitation, filed on 27 May 2020, was granted by the Central Bankruptcy Court on 14 September, allowing the company to proceed with its recovery plans. 9 Comments. Twitter . Thai Airways, like every other carrier in the world, has suffered because of the COVID-19 pandemic and the virtual halt to air traffic. Law Awareness Week 2020. Thai Airways International and its affiliates incurred a net loss of 12.017 billion baht last year, that’s 448 million baht more than the year before. However, the loan was conditional on a plan for how to turn the airline’s fortunes around. Take the examples from SQ or CX, how they can manage kind of the same numbers of operation with half of the employees that TG has. The others are Piyasvasti Amranand, a former THAI president; Pirapan Salirathavibhaga, a former justice minister; and Boontuck Wungcharoen, a former CEO of TMB Bank. Thai Airways, like every other carrier in the world, has suffered because of the COVID-19 pandemic and the virtual halt to air traffic. BANGKOK (AP) — Thailand’s flag carrier Thai Airways International will file a plan for restructuring its business with the Central Bankruptcy Court, a government spokeswoman said Monday. The president of the airline sent out a chilling message to staff last month, as reported in the Bangkok Post . Monday, 14 September 2020, 15:30. From earlier news, the Thai Government has confirmed that its national airline, Thai Airways, will begin restructuring proceedings in a bankruptcy court. Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. Now, surprisingly, we have Thai Airways who are grappling with their survival. Thai Airways will resort to the country's Bankruptcy Act to enter a sweeping "rehabilitation" plan following the government's refusal to extend a bailout package to the trouble's flag-carrier.. Trip Report: Flying With Etihad During Pandemic, Flying The World’s Biggest TurboProp Antonov An-22, Lufthansa “Unusual” Business Class Flight To Dubai + Dubai Arrival Procedures, World's Busiest Air Route Joins UK Travel Ban List With All Flights Cancelled. Thai Airways has issued a statement contradicting reports of bankruptcy that have appeared in news outlets worldwide. Thai Airways website has been updated to the affect that they will put THAI Smile back into service on June 1st, serving some domestic routes. With Thai Airways fleet grounded since late March there many thousand passengers waiting for refunds of their tickets but this bankruptcy protection (or “Debt Rehabilitation” as they call it) filing refunds will be a long way out, even though THAI has promised they will eventually pay. Thai Airways was under financial pressure even before the coronavirus outbreak caused passenger numbers to plummet. This time is the turn of Cathay Dragon (once known as Dragonair), a subsidiary of Cathay Pacific that operated throughout Asia. Those four and two other board members — THAI acting president Chakkrit Parapuntakul and airline chairman ACM Chaiyapruk Didyasarin — were nominated as rehabilitation planners in the petition submitted to the court. It is understood that the Thai Government will now extend 58.1 billion baht ($1.4 billion) in lifelines to the struggling airline. The procurement of aircraft at Thai Airways has always been controversial as it’s widely known that the process of acquiring new planes the THAI presidents and CEO’s is being used to line their own pockets through kickbacks, a situation that led to the carrier having pretty much every single commercial aircraft in their fleet which cause skyrocketing maintenance costs. Lovely r, How often do you do remote work at Starbucks? As luck would have it, the bad news didn’t take long to come as the carrier announced that refunds won’t be forthcoming for at least six months as the law prevents THAI from any cash disbursements. The carrier has requested a bailout package of around ฿70 billion from the government, according to media reports. Thai Airways Files for Bankruptcy Date: May 18, 2020 Source: Sam Chui Aviation News By: Ted Perton The Thai Government has confirmed that its national airline, Thai Airways International, will begin restructuring proceedings in a bankruptcy court. May 5, 2020; 3 minute read; Advertisement: Struggling national carrier Thai Airways has been given a reason to hope today as it appears the government will support a bailout package for the airline. May 29, 2020. The airline pledged to continue to take care of customers holding valid tickets as well as members of the Royal Orchid Plus, its loyalty programme. Thai Airways say it owes refunds for THB24 billion (US$750 million) worth of tickets. This site uses Akismet to reduce spam. Want daily blog updates delivered straight to your inbox? Ted holds a Private Pilot License and flies a Cirrus SR22 in Melbourne. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, South African Express, Air Asia Japan, etc.). #thailand #marketwatch #TGhttps://t.co/XYkE0rea46. Join 70,000+ others by subscribing to Sam Chui's weekly newsletter and be inspired by latest Aviation & Travel reviews and breaking deals! As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8 billion. Flagship carrier Thai Airways Internationcal Pcl's request for debt rehabilitation at the bankruptcy court has been accepted, the Court of Justice said on Wednesday. Thai Airways filed for bankruptcy protection in late May 2020 and sent out very confusing bankruptcy court emails to ticketholders shortly after, and later clarified precious communication. Photo: Getty Images THAI has suffered heavy losses. A THAI source said Mr Chakkrit also faced a conflict of interest allegation as he sits on the executive board of the Siam Commercial Bank, one of THAI’s creditors. Thai Airways files for bankruptcy at the Central bankruptcy court in Bangkok as 4 new heavyweight directors take their seats on the board. Emirates and Etihad First to Trial It, Onboard A Special Farewell Flight For The Hi Fly A380, The Final British Airways B747 Flight – End of an Era, The 2020 Emirates A380 First Class Experience, This is Luxury! Thai Airways, like every airlines in the world, has suffered because of the COVID-19 pandemic and the virtual halt to air traffic. I want to see TG changed to a merit base workplace. Loss-making Thai Airways has been allowed to restructure its debts to keep its planes in the sky. Thai government to table Thai Airways rescue plan at bankruptcy court Plan details and when it will be submitted will be discussed by the Cabinet on Tuesday Tue, May 19, 2020 - 5:50 AM Mind you this is an estimate on my side, there are no official figures that would prove- or disprove this right now. Thai Airways is expected to nominate a candidate, but creditors can object if they believe the person is not suitable. THAI earlier announced on its website that it will resume flight operations in July, a delay by one month as borders slowly begin to reopen and passenger start trickling in. Thai Airways heads to bankruptcy court in last-ditch restructure. By David Flynn, March 24 2020. …. Reader Email: Even More Hilton Honors Gold & Diamond Scams In... China’s HNA Group, Owner Of Hainan Airlines/Hong Kong Airlines Declared Bankrupt, Accor ALL Double Status Points & Nights For Entire 2021, Marriott Bonvoy Elite Benefit Guarantees 2021. Notify me of follow-up comments by email. The plan will soon be presented to the cabinet for further action. A restructure will likely see the airline’s long-haul fleet cut down significantly. Belmont Lay | May 18, 2020, 11:00 PM . THAI, which turns 60 years old this month, recorded a net loss of $66m in 2017, according to filings with the Stock Exchange of Thailand. Today we have a new Compensation Clinic case that involved one of my personal experiences at the Bangkok Marriott Hotel The Surawongse where I... © 2011–2021 LoyaltyLobby.com - Site & Contents, Lovely afternoon walking around the #centrohistori, Difficult to find an item that doesn't have this E, Merida nights before the curfew kicks in. Share. The airline has been accumulating losses year on year for over a decade. Pinterest. It turned 60 on May 1, 2020. Your email address will not be published. Tough negotiations with creditors will commence before that process can get under way, a court source said. The airline promptly worked to walk that back, suggesting it was hyperbolic, but it nonetheless underscored that Thai Airways is underperforming and in financial difficulty, propped up by the Thai government. Thai Airways said the plan will be implemented through the Central Bankruptcy Court and it would operate as usual as the restructuring took place. Asking where the largest companies in the world are located and where the biggest bankruptcies of 2020 have taken place will give, quite unsurprisingly, the same answer. ReddIt. Top Stories. As currently it isn’t. Thai Airways currently operates a wide range of long haul aircraft including B747-400, B777-200/ER, B777-300/ER, B787-8, B787-9, A330-300, A350-900 and A380. Due to Covid-19, the US economy suffered its most severe contraction in more than a decade. Thai Airways officially entered its bankruptcy reorganization on Monday. We reported last week that a $1.8 billion loan from the government would save the airline. Events. Thai Airways to file for bankruptcy or implement reform plans . Thai Airways have been one of Sam Chui’s long time favourite airlines, so he sincerely hopes it will emerges from bankruptcy protection as a stronger and more efficient airline. A Flight on a Comlux 767BBJ Private Jet. Published on Sunday, May 31, 2020 Thai Airways customers forced to wait for refunds. By David Flynn, May 18 2020. Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. Subsequently, the Ministry of Finance reduced its shareholding in Thai Airways to 48 percent, making the airline effectively lose its status as a … (I didn’t mean the good lounge facilities that it operates.) Thai Airways is expected to nominate a candidate, but creditors can object if they believe the person is not suitable. I want to see more efficient and transparent procurement processes. The Central Bankruptcy Court had announced the trial order regarding the petition of business rehabilitation of Thai Airways International Public Company Limited […] BANGKOK: Thai Airways needs to go through the bankruptcy process in order for the government to usher in complex, make-or-break steps for the national carrier. Thai gov't OKs Thai Airways' rehabilitation via bankruptcy court KYODO NEWS - May 19, 2020 - 19:48 | World , All , Coronavirus The Thai government on Tuesday approved a plan for flag carrier Thai Airways International PLC to seek rehabilitation through a bankruptcy court, the loss-making airline becoming the latest victim of the coronavirus crisis amid a sharp fall in air travel. Thailand's bankruptcy court said on Monday it had scheduled two more days of hearings to consider Thai Airways International Pcl's request for restructuring. That means 2020 saw about 1.8 billion passengers fly, instead of the 4.5 billion in 2019. “The State-Enterprise Planning Office agreed in principle for the rehabilitation of Thai Airways in court… the procedure will be submitted to cabinet tomorrow,”. Thai gov't OKs Thai Airways' rehabilitation via bankruptcy court KYODO NEWS - May 19, 2020 - 19:48 | World , All , Coronavirus The Thai government on Tuesday approved a plan for flag carrier Thai Airways International PLC to seek rehabilitation through a bankruptcy court, the loss-making airline becoming the latest victim of the coronavirus crisis amid a sharp fall in air travel. Thai media reports say it is carrying a debt burden of almost $9.4 billion. “Thai’s reform plan has been approved by [Thai’s] board of directors on 17 April 2020 and presented to the State Enterprise Policy Office for consideration on 29 April 2020. Current Issue. But as the petition was approved in court, Pailin Chuchottaworn, former CEO and president of PTT Plc, quit as a newly-appointed member of the THAI board, citing a violation of an anti-graft regulations. A graduate in public health, Ted volunteers for the Royal Flying Doctor Service, providing public health services in the aviation scene. To say it didn’t go exactly well would be an understatement. In October the President of Thai Airways told employees that the airline was on the verge of shutting down with only a month's runway to execute a turnaround. “Thai’s reform plan has been approved by [Thai’s] board of directors on 17 April 2020 and presented to the State Enterprise Policy Office for consideration on 29 April 2020. Thai media reports say it is carrying a debt burden of almost $9.4 billion. Thai Airways’ request for debt restructuring as part of bankruptcy proceedings was approved by a bankruptcy court on Monday. He was one of four new additions to the airline’s board. Thai Airways entered bankruptcy reorganization under Thai laws in May (read more here and here), and the airline doesn’t expect to provide any refunds for several months (read more here).. Now, the bankruptcy court has been sending out emails to creditors, including passengers, with 291 pages long PDF attached. I’m not sure if this would change things much. Aviation News Novel Coronavirus Thai Airways 6 Comments. The government of Thailand announced that their flag carrier Thai Airways will be restructured in a bankruptcy court. …. ... THAI AIRWAYS Country: Thailand Thai Airways International and its affiliates incurred a net loss of 12.017 billion baht last year, that’s 448 million baht more than the year before. ReddIt. Twitter. This is a developing story, more information to come. Passengers who paid by credit card and are now left hung out to dry might be well advised to attempt a chargeback through their credit card company considering the airline has now filed their case and is officially not completing any refunds anymore. Published on Sunday, May 31, 2020 Thai Airways customers forced to wait for refunds. Whoever thought the the overhaul of the board would result in industry experts being hauled in was probably dreaming, as the developments this week show all appointees are cronies of the political leadership, in other words: Business as usual at Thai Airways. Who is going to suffer from all of this? The board of directors had no resolution of filing for bankruptcy as appeared in the news.” Thai Airways statement. Thai Airways International in the last few weeks filed changes on selected routes, when it plans scheduled service resumption by July 2020. 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