Thai Airways -Bankruptcy

[Butch 3,456]

....And local employment...

Utapao

 

Edited April 29, 2020 by Butch

[Bazle 1,491]

"Airbus was only private corporation which passed the legacy airlines’ special bidding process for the project"

???

 

[Rawhide2 1,346]

Airbus doesnt trust Somchai and his bike spanners any more than I do....

[Butch 3,456]

I know, it sounds and looks like the criteria were set very high, and Airbus should have been grateful for the chance. Lol.

Not unlike making spurious claims about how great it would be to be in partnership with such a high profile operator, when in reality the operator is floundering financially, yet manages to keep a facade up which some people actually believe, thus attracting investment. On this occasion, however, the investment was not forthcoming once the "investor" realised they would probably be in for an undisclosed amount of cash which they won't ever see again.

Call me a cynic, but I'm sure I've seen this M.O in Pattaya somewhere....

 

[Irish boy 67]

I 'follow' Thai Air on Facebook, promotions etc.

Have to say, they have lots of plaudits from customers for their updates re Covid19 and disruption, and their refund Policy.

 

[jacko 8,815]

9 hours ago, Irish boy said:

I 'follow' Thai Air on Facebook, promotions etc.

Have to say, they have lots of plaudits from customers for their updates re Covid19 and disruption, and their refund Policy.

 

I guess it depends on how well one did. I had a flight booked in March ex Thailand on a non refundable basis, and they certainly stuck to that policy! I believe the outwards flight did fly, the return was rescheduled to another day without my input, but had I gone I would have had problems getting back into Thailand. My Thai credit card does not work the same as ones elsewhere. Still, I count my blessings to be here rather than my destination that week. 

[Irish boy 67]

13 hours ago, jacko said:

I guess it depends on how well one did. I had a flight booked in March ex Thailand on a non refundable basis, and they certainly stuck to that policy! I believe the outwards flight did fly, the return was rescheduled to another day without my input, but had I gone I would have had problems getting back into Thailand. My Thai credit card does not work the same as ones elsewhere. Still, I count my blessings to be here rather than my destination that week. 

True!

They were mostly happy the got refunds (London to Bangkok flights) and also being able to rebook say for over Xmas at no extra cost, Thai waved the difference. 

[monkeyman 1,604]

Thai Airways has now filed for bankruptcy.        

[accyboy 78]

Wow ? 

[jacko 8,815]

Bangkok Post....

I can most certainly whistle for my refund now.....

[midlifecrisis 4,048]

There will be a lot more of this unfortunately.

Regarding the article jacko linked, 92 billion baht which is almost 2.9 billion dollars; over 2.35 billion pounds.

They lost 275 million dollars in 2018. 

Can they restructure? They don't appear to be a good risk.

 

[Brown1950 67]

Thai Airways International 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.

The State Enterprise Policy Committee that oversees policies for state-run enterprises agreed that the airline should seek such a rehabilitation, government spokeswoman Narumon Pinyosinwat told reporters on Monday.

Governments worldwide have devoted more than $85 billion to propping up airlines after the coronavirus pandemic wiped out travel demand and grounded fleets.

Thailand’s borders are restricted under a state of emergency through May and most inbound international flights are banned until the end of June, though some domestic flights have restarted.

[jacko 8,815]

Two very similar topics merged.

[Regyai 415]

From airlines to mere bar-girls

the same shared mind set

But

sooner or later the funding sources realise the truth about the 'sick buffalo'

[Bullfrog 2,224]

52 minutes ago, Regyai said:

From airlines to mere bar-girls

Shit yeh....whenever I read yet another pompous arse on Thaivisa saying that his wife is a highly paid office Manager or runs a succesful busines blah blah blah and why do farangs marry bar girls I think back to the financial crash in '98 when they all scurried to the bars to take it up ass for 500 baht....

[Butch 3,456]

In one way this may actually be advantageous .

Having a National Carrier going to the wall is bad PR, the Govt bailing them out then puts pressure on the Govt to see that same National Carrier remain in business without hemorrhaging cash over a sustained period.

There may be increased pressure on the CAAT from the Govt to re open the routes sooner than the expected June 30, or perhaps (I'm not sure who is answerable to who in that equation) a relaxing of the border closure from the Govt.

I am of course speculating here, but with neighbouring Countries like Vietnam beginning to ease measures with a view to re opening their borders and things moving in the right direction for Thailand re Covid, there is possibly a case for the above.

[marleyboy 140]

Hmmn.

 

Looks unlikely I will get a refund for my planned September-December trip this year then!

 

[tombon 113]

18 hours ago, jacko said:

Bangkok Post....

I can most certainly whistle for my refund now.....

I am not sure how you paid for your flight. But if you booked in the uk using a CC you should get a refund from your CCC.

[jacko 8,815]

4 hours ago, tombon said:

I am not sure how you paid for your flight. But if you booked in the uk using a CC you should get a refund from your CCC.

No here in Thailand on a local CC. 

[Brown1950 67]

THAI is able to operate flights and run its business as usual. Although THAI’ s reform plan will be implemented and exercised through the business reorganization chapter under the bankruptcy law, THAI will not be dissolved or go into liquidation or to be declared bankrupt.

[midlifecrisis 4,048]

I'll ask again

92 billion baht which is almost 2.9 billion dollars; over 2.35 billion pounds in debt

They lost 275 million dollars in 2018. 

Who will help them?  Why isn't this company's assets sold off to pay creditors and to cut further losses? Creditors will only see something if Thai Airways folds. Nobody will get back what they put into it.

 

[kuranda_bagman 135]

Virgin Australia went into liquidation recently with 7 Billion AUD debt.

[awesum4 2,333]

11 hours ago, midlifecrisis said:

I'll ask again

92 billion baht which is almost 2.9 billion dollars; over 2.35 billion pounds in debt

They lost 275 million dollars in 2018. 

Who will help them?  Why isn't this company's assets sold off to pay creditors and to cut further losses? Creditors will only see something if Thai Airways folds. Nobody will get back what they put into it.

 

Who would buy their assets at this time?  There are thousands of planes sitting empty all over the world. 

I'm waiting for the price of campervans to drop, there are thousands of them parked up as there are no tourists. The same goes for rental cars.  Planes are no different. 

I cant see why anyone would buy a brand new car or plane at the moment. Manufacturers of both cars and planes must be extremely worried.

[midlifecrisis 4,048]

2 hours ago, awesum4 said:

Who would buy their assets at this time?  There are thousands of planes sitting empty all over the world. 

I'm waiting for the price of campervans to drop, there are thousands of them parked up as there are no tourists. The same goes for rental cars.  Planes are no different. 

I cant see why anyone would buy a brand new car or plane at the moment. Manufacturers of both cars and planes must be extremely worried.

good points

[tombon 113]

19 hours ago, jacko said:

No here in Thailand on a local CC. 

You should check with your thai CCC they might have similar rules. 

Then again as your flight been cancelled?