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. …. Sam Chui May 19, 2020 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. It's Free! 17 Sep 2020 by Seher Asaf Thai Airways’ request for debt restructuring as part of bankruptcy proceedings was approved by a bankruptcy court on Monday. If you enjoyed this article, get our blog updates for free! 19/05/2020 7 6113 The government of Thailand announced Tuesday (19 May) that flag carrier Thai Airways International will be restructured in a bankruptcy court in a process that was finalised Monday by the country’s State Enterprise Committee, which oversees policies for state-owned enterprises. 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. It’s unclear how much money – if any – has so far been refunded. Of course the chances of that were slim from the get go and considering who has been let go from management and reappointed to the board just reinforced the “good old boys club” policy that got Thai Airways into this position in the first place. State-controlled Thai Airways International Pcl will seek a restructuring under Thailand’s bankruptcy law after tourism and travel collapsed because of the novel coronavirus pandemic. The firm is also reported to be pursuing a Chapter 11 bankruptcy filing in the United States with debts to foreign creditors appearing to be higher than initially anticipated being quoted on Wednesday at 70% of its outstanding liabilities. Just last month the appointed auditors, firm Deloitte Touche Tohmatsu Jaiyos Co Ltd said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt … The Central Bankruptcy Court had announced the trial order regarding the petition of business rehabilitation of Thai Airways International Public Company … #accor #accorlivelimitless #sof, The worst business class meal of 2020? “However, the (planned) resumption in July 2020 is still under consideration. Thai Airways has issued a statement contradicting reports of bankruptcy that have appeared in news outlets worldwide. …. Prayut said instead of allowing the airline to go bankrupt, it will ask the insolvency court's for a reorganisation that will allow it to set out a debt restructuring plan. 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. Pretty nice Junior Suite! The announcement details the Central Bankruptcy Court's Order for rehabilitation of Thai Airways International and was published in the Royal Gazette on October 2, 2020. Thai Airways to file for bankruptcy or implement reform plans. 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. … The Central Bankruptcy Court accepted a Thai Airways International (THAI) debt rehabilitation petition on Wednesday amid concerns of a technical setback after one of the airline’s board members poised to be made a rehab planner resigned. …. Tough negotiations with creditors will commence before that process can get under way, a court source said. Thai Airways International Pcl on Wednesday said it appointed board members as rehabilitation planners in a bankruptcy court submission. 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. Photo: Getty Images Anniversary rehabilitation. Thai Airways logged losses of $374.3 million in 2019, $361.9 million in 2018 and $65.8 million in 2017. Your IP: 51.254.206.188 At the same time of the court filing the company did a big re-shuffle of their board of management as previously announced. Please enable Cookies and reload the page. Cloudflare Ray ID: 6008c4d9fe7fee75 If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. A Thai Airways jet sits on the tarmac at the Suvarnabhumi Airport in Bangkok, Thailand, Monday, Sept. 14, 2020. #avianca, Hyatt Asia-Pacific 20% Off Through May 14, 2021, Le Meridien Bora Bora Closes For Renovations (18 To 24 Months), THAI Airways Corruption Probe Reveals Another 20 Suspects To Face Possible Graft Allegations, Thai Airways CEO Gets Two Year Jail Sentence For Failure To Pay Excess Baggage Charges, Thai Airways Will Operate More “Special Flights” TO Europe & Within Asia Until December 30, 2020. 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. 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. 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. Staycationing tonight. Thai Airways' debt was 245 billion baht ($7.6 billion) at the end of last year, according to local media, which also said it was set to outpace its assets in 2020. Want daily blog updates delivered straight to your inbox? Thailand's Central Bankruptcy Court on Monday gave the go … Cronyism at it’s best! • It finally happened: Thai Airways has filed for Bankruptcy Protection in Bangkok’s Central Bankruptcy Court on Tuesday and the petition was accepted on Wednesday afternoon. This could have been a chance for THAI to get rid of their massive debt burden and restructure under competent leadership, maybe even looking beyond Thailand to find competent management that isn’t just a lackey of the government and local dignitaries. 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. 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. Lovely amenities! Performance & security by Cloudflare, Please complete the security check to access. ($1 = 32.0300 baht) (Reporting by Panarat Thepgumpanat and Chayut Setboonsarng; Editing by Muralikumar Anantharaman) The Central Bankruptcy Court has accepted the Thai Airways International (THAI) case and set the first hearing for August - with the restructuring process expected to take five years. Prayut said instead of allowing the airline to go bankrupt, it will ask the insolvency court's for a reorganization that will allow it to set out a debt restructuring plan. The airline is restricted by obligations under the law which prevents it from disbursing refunds at this point in time. Thai Airways' debt was 245 billion baht ($7.6 billion) at the end of last year, according to local media, which also said it was set to outpace its assets in 2020. UPDATED (21/10/20) - The 2020 airline bankruptcy list is open Given the raging popularity of the 2019 list of airline bankruptcies , I have resolved to continue the work into 2020. 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. Thai Airways files for bankruptcy at the Central bankruptcy court in Bangkok as 4 new heavyweight directors take their seats on the board. A new slate of seven planners were nominated by the company and also approved by the court. 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. Just to recollect, Mr Piyasvasti was Thai Airways president between 2009 – 2012 and then dismissed by the board over “communication problems” concerning procurement of new aircraft, so basically corruption. Thai media reports say it is carrying a debt burden of almost $9.4 billion. BANGKOK (Reuters) - Thailand's bankruptcy court said on Monday it had scheduled two more days of hearings to consider Thai Airways International Pcl's THAI.BK request for restructuring. Re: Updated: Thai Airways enters Bankruptcy Protection #22547977 BY atcsundevil [Moderator] - Thu Dec 10, 2020 4:38 am - Thu Dec 10, 2020 4:38 am #22547977 British Airways Gold Upgrade Voucher For 250/500 Tier Points By March... Turkish Airlines Introduces Seat Fees January 1, 2021. Australia Extends Exit Travel Ban By Three Months Through March 17,... Airfare of the Day [Business Class] ONEWORLD Paris to North America... Six Senses Ambassador & Inner Circle Benefits Revealed. Thai Airways officially entered its bankruptcy reorganization on Monday. Bankrupt flag carrier Thai Airways International got court approval for its debt restructuring today as the Central Bankruptcy Court in Bangkok continues to scrutinize the airlines accounts. A Facebook page called TG Warehouse Sale is selling Thai Airways in-flight service items like cutlery, glasses, dishes, napkins, “refreshing tissues” and packages of toothpicks and dental floss. Likely the creditors and the customers. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. 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. THAI reported heavy consecutive losses between 2017-2019 and is heading for an at least 18 billion baht ($564 million) loss in the first half of 2020 thanks to the Covid-19 pandemic that has closed the country to international flights, with the ban expected to be in place until at least June 30. But it promises to return the money within six months without any fees. Today (19 May 2020) - Mr. Chakkrit Parapuntakul, Second Vice Chairman and Acting President, Thai Airways International Public Company Limited (THAI), said the Thai Cabinet approved the reform plan for THAI which will be implemented through the business reorganization chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act. Earlier this year, the national airline … Considering THAI hasn’t operated any international or domestic flights in April, May and June I’d estimate that (considering the size of the airline) at least one Billion US$ [31 Billion THB] is outstanding to be repaid to passengers. Another way to prevent getting this page in the future is to use Privacy Pass. Mind you this is an estimate on my side, there are no official figures that would prove- or disprove this right now. “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. Hyatt’s Global Day of Gratitude: 500 Free World Of Hyatt Points... Lufthansa Lounge Access Policy Change On May 3, 2021. Thai Airways has struggled with losses for years prior to the coronavirus outbreak. Thai Airways is also selling some of its assets stored in warehouses which are valued at a total of around 1 billion baht. Thai Airways shares slumped 12% on Monday, and are down about 38% in 2020. Rather than heading to the bank for a much-hoped-for bailout payment of $2.2 billion, it seems the carrier will now face restructuring, just in … “Thai Airways will enter a rehabilitation process under the court. 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 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. As Bangkok Post reported today many customers are also out of luck for their ticket refunds. The pandemic was the final push for an airline long teetering on the edge of a financial cliff. 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