Thai Airways International (THAI) is expected to submit its rehabilitation plan to the Central Bankruptcy Court by the deadline of March 2, says Deputy Prime Minister Wissanu Krea-ngam. According to a Bangkok Post report, a source at the airline has warned that should creditors reject the plan, the carrier will be declared bankrupt and they would only receive 12.9% of what they're owed. Thai Airways filed for bankruptcy protection in May 2020, buckling under debts of more than US$9.8 billion and the impact of the worldwide travel downturn. Thai Airways disclosed that out of 78.6 billion baht of its total revenues, 60.7 billion baht ($1.9 billion) came only from the airline's debt restructuring measures. With 91.56% of credits supporting the plan, Thai finally had a way to deal with its enormous debt pile of $13.4 billion. Inching closer. Mr. Chansin Treenuchagron, Acting President, Thai Airways International Public Company Limited (THAI), revealed that the rehabilitation plan has been summited to the Official Receiver in accordance to the Central Bankruptcy Court's order and Planner's appointment on 14 September 2020. Photo from thaiairways.com Struggling national flag carrier Thai Airways International expects to make a profit in 2024 if the government's policy of reopening Thailand to foreign arrivals proceeds smoothly, said Piyasvasti Amranand, chairman of the Rehabilitation Plan Administrators, on Monday. "The Thai Airways rehabilitation plan should conclude within 7 years, which can include debt to equity conversions, selling assets or an equity injection," he said. After creating a plan and presenting it to the the Central Bankruptcy Court in Bangkok on September 14, Deputy Prime Minsiter Supattanapong Punmeechaow stated that the plan needs to be Financially-strapped Thai Airways International (THAI) is seeking 50 billion Baht worth of capital from both the government and private financial institutions to boost its liquidity, so the struggling airline will be able to stay afloat and expand its operations, after the Central Bankruptcy Court approved its rehabilitation plan today (Tuesday). The rehabilitation plan also brings back onboard Piyasvasti Amranand as an administrator. The . THAI submitted a rehabilitation plan with the Central Bankruptcy Court on March 31 after its cash flow was blocked due to the Covid-19 pandemic and losses began piling up. Thai Airways International has appointed five people, including one of its former presidents, to jointly hold the position of plan preparer during its business rehabilitation process. Hence there could not be a better man in charge of TG than this. While the rehabilitation plan enjoyed the backing of around 92% of creditors, the court still needed to sign off on the plan. The court also okayed the five individuals who will oversee the rehab plan. Photo: Getty Images After delays, rehabilitation plan approved. Thai Airways is asking the Central Bankruptcy Court to provide more time for submission of its financial rehabilitation plan. As of October 2020, Thai Airways has around 19,000 employees in total, according to local media. Thai Airways, Thailand's cash-strapped national flag carrier, is revising its financial plan for rehabilitation. A court in Bangkok approved Thai Airways' rehabilitation plan on Tuesday. The airline has not posted a profit since 2012. The rehabilitation plan, which aims to restructure the airline and bring it back to making profits, was approved by the court on June 15. In this plan, the state would play an instrumental role in . 91.56% of creditors who went accepted the their restructuring plan, which is good news for the airline as they need significant backing. The bankruptcy court on Monday (September 14) gave the go-ahead to Thai Airways International (THAI)'s rehabilitation plan and choice of planner to implement it. Thai Airways' rehabilitation plan has received court approval in Bangkok, after opposition from two creditors was rejected. On May 12, 2021, Bangkok-based Thai Airways announced that creditors delayed a vote on the airline's rehabilitation plan. 1 Min Read. Thai Airways seeks a second and last extension to file its survival plan with the Bankruptcy Court on March 3rd The acting president of Thai Airways, Chansin Treenuchagron, has said if creditors fail to give majority backing to the firm's rehabilitation plan on Wednesday, May 12th, then it is 'unlikely' the firm will survive. Thai Airways International Public Company Limited (THAI) has submitted a rehabilitation plan to the official receiver in accordance with a Central Bankruptcy Court order and the planner's appointment on September 14, 2020, airline acting president Chansin Treenuchagron said on Tuesday. A Thai Airways plane prepares to land at Bangkok's Suvarnabhumi Airport. Rehab plan focuses on downsizing but falls short in new funding and debt relief. According to rehabilitation law, Thai Airways must fully implement the rehabilitation plan in five years once it is submitted and approved by the Court. Earlier in September, THAI's rehabilitation plans were approved by Thailand's Central Bankruptcy Court. Mr Amranand formerly ran Thai Airways and managed to make the airline profitable. Thai Airways to halve workforce to become profitable by 2025. The airline, which booked losses of 12.04 billion baht . On 15 June 2021, the Central Bankruptcy Court approved the rehabilitation plan for Thai Airways International PCL ("THAI"), marking a significant milestone for one of the largest insolvency proceedings in Thailand. Last time, Piyasvasti Amranand, chairman of the Rehabilitation Plan Administrators, was chairman of Thai Airways, he did just that and got promptly replaced.His reign was also the only time in recent history that Thai Airways was profitable. Thai Airways was one of the world's first major . During the meeting on May 12, 2021, Thai Airways creditors pushed the vote back, arguing that they needed more clarity about the airline's rehabilitation plan. To read more. The carrier . MIAMI - Regarding its financial situation, Thai Airways (TG) announced it will find legal counsel to request a rehabilitation plan to Thailand's Bankruptcy Court.. Clarifying the bankruptcy situation that recently made the rounds in the media regarding the approved bankruptcy proceedings by Prime Minister of Thailand, Prayut Chan-o-cha, TG Second Vice Chairman, Chakkrit Parapuntakul said . Thai Airways International (THAI) will speed up the drafting of its rehabilitation plan to submit it to the Central Bankruptcy Court on Aug 17, when the court is scheduled to begin examining the . The rehabilitation plan, which aims to restructure the airline and bring it back to making profits, was approved by the court on June 15. By Jaime Llinares Taboada. Thai Airways is carrying an estimated debt burden of almost 300 billion baht ($9.4 billion). The CBC's acceptance of the plan is the first step in the debt restructuring process for the struggling airline. Since the outbreak of COVID-19 in 2020, THAI and many . Thai Airways International's rehabilitation planners are expected to submit a plan on 2 March to Thailand's Central Bankruptcy Court outlining how they propose the airline should be restructured. "Those who hold 91.56 per cent of the total debt accepted the . According to company estimates, under the initial business rehabilitation plan, Thai Airways will return to profit from normal operations of its core business in 2023, and the Company's equity will return to above zero by 2030. 'If the creditors reject the plan, THAI is unlikely to survive. THAI submitted a rehabilitation plan with the Central Bankruptcy Court on March 31 after its cash flow was blocked due to the Covid-19 pandemic and losses began piling up. If considered together with the regulations of the SET regarding the delisting of listed securities And the . A government panel is stepping up to help debt-ridden Thai Airways International Plc (THAI) pass any regulatory and contractual hurdles ahead of the national carrier's planned debt rehabilitation . Thai Airways has long blamed competition from low-cost airlines and Thailand's open skies policy as the causes. Thai Airways posted a loss of $4.5 billion across calendar 2020. The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting workout routines. Thai Airways remains in serious financial difficulty as its rehabilitation plan does not address it will clear the massive debt that landed it in trouble in the first place. The rehabilitation plan will be primarily conducted by EY Corporate Advisory Services, a global financial advisory services company, and six Thai Airways Directors including Air Chief Marshal Chaiyapruk Didyasarin, Chakkrit Parapuntakul, Piraphan Salirathavibhaga, Boontuck Wungcharoen, Piyasvasti Amranand, and Chansin Treenuchagron. They were expected to take effect within 1-2 months after the examination of the rehabilitation petition by the Central Bankruptcy Court was completed. BANGKOK Thailand's government said on Monday (May 18) it plans to submit a rehabilitation plan for troubled national carrier Thai Airways to a bankruptcy court rather than go ahead with a . Thai Airways is now coordinating with the Transport Ministry's policy office on the rehabilitation plan, Saksayam said without elaborating. 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 government said on Monday it plans to submit a rehabilitation plan for troubled national carrier Thai Airways International Pcl to a bankruptcy court rather than go ahead with a planned . Piyasvasti Amranand says Thailand's nationwide service has managed to recuperate 44.8 billion baht by reducing its workforce and ending plane lease agreements. Thai Airways was already in deep trouble before the pandemic because of its failure to keep up with competitors' fleet and service offerings, its decision to operate flights on unprofitable . Thai Airways still requires borrowed time and money as firm submits survival plan to the bankruptcy court. Instead, expect the Thai government to consider reducing its shares in Thai Airways in the short- to medium-term depending on the size of outside investment. The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. Following the creditors' meeting in the rehabilitation proceedings of THAI which was arranged via electronic means (e-Meeting) on 19 May 2021, the creditors' meeting reached the resolution according to section 90/46 of the Bankruptcy Act B.E. Thai Airways International's (THAI) debt rehabilitation plan needs a further review of critical points including the airline's ability to pay off its debts, according to Deputy Prime Minister . The approved rehabilitation plan is designed to tackle Thai Airways . Struggling national flag carrier Thai Airways International expects to make a profit in 2024 if the government's policy of reopening Thailand to foreign arrivals proceeds smoothly, said Piyasvasti Amranand, chairman of the Rehabilitation Plan Administrators, on Monday. "The Thai Airways rehabilitation plan should conclude within 7 years, which can include debt to equity conversions, selling assets or an equity injection," he said. Thai Airways International's creditors have approved its rehabilitation plan at a 19 May meeting. It ran up losses of 12 billion baht ($374.3 million) in 2019, 11.6 billion baht in 2018 and 2.11 . As announced in the Royal Gazette earlier, THAI's creditors have about a month to file for the repayment of debts either online or at the airline's headquarters in Bangkok. In a statement, Thai Airways said the creditors who attended the meeting and casted votes today accepted the rehabilitation plan that was submitted on March 2. Thai Airways rehabilitation plan to introduce a new ticket refund policy Chansin Treenuchagron, Acting President of Thai Airways International, revealed today, August 17, that the terms and details of their customer's refund policy were included in the rehabilitation plan and were expected to take effect as soon as the examination of the rehabilitation petition by the Central Bankruptcy . Photo: Getty Images Thai Airways has met a critical creditor payment deadline. Piyasvasti Amranand says Thailand's national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease . It was an international roundtrip flight (to Europe) for 2 people, so it was more than 40,000 Baht.. THAI is still responsive when I email them, but they said since they have filed a petition to the Central Bankruptcy Court for a business rehabilitation plan, which temporarily barred them from proceeding with refund processing, there will be further delays. But if they vote in support, there will be an inflow of . THAI would like to thank the Central Bankruptcy Court, the official receiver at the Legal Execution Department, creditors, customers, business partners, the Planner, and all employees for their contribution leading to the approval of the Business Rehabilitation Plan, as well as for the opportunity which has been provided, resulting in THAI . Disclaimer. @Chok Dee63. "Holders of Thai Airways' bonds are watching closely for details of its rehabilitation plan," Thiti Tantikulanan, senior executive vice-president of Kasikornbank, said at a seminar. BANGKOK, May 19 Thai Airways International's creditors have voted to approve the airline's restructuring plan. The airline has made a net loss of 28 billion baht ($927 million) in the first half of 2020. Thai Airways clears legal hurdles to launch rehab plan. On May 19, 2021, Thai Airways creditors voted to approve the cash-strapped airline's rehabilitation plan. Thai Airways is facing a financial crisis due to the ongoing COVID-19 pandemic. Bankruptcy court approves restructuring of cash-strapped flag carrier. Third party cookies that are used by our partners to help measure site visiotrs. The London-listed specialist fund--which acquires, leases and sells . THAI and its subsidiaries reported net one-time revenue 73,084 million baht as a result of the implementation of the rehabilitation plan such as debt restructuring, sales of asset, and organization restructuring. Thai Airways International (TG/THA), has had a rehabilitation plan to come out from under its mountain of debt in the $8 billion range since 2013. Distributed by Public, unedited and unaltered, on 06 December 2021 12:21:03 UTC. According to aerotime.aero, 16 jets on lease will also be returned. Piyasvasti Amranand says Thailand's national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. Thai Airways held a creditors' meeting this month with the idea of getting people back on board. On 15 June 2021, the Central Bankruptcy Court approved the rehabilitation plan for Thai Airways International PCL ("THAI"), marking a significant milestone for one of the largest insolvency . GRR is a daily information service providing cross-border insolvency and restructuring news, features and events. Subscribe to Global Restructuring Review. A number of factors underlined the unprecedented nature of the THAI . Thai Airways rehabilitation plan backed by creditors. BANGKOK (Reuters) - Loss-making Thai Airways International Pcl (BK: THAI) must submit a rehabilitation plan by the end of the month if it wants the government to consider a rescue package, a . But under Acting CEO Chansin Treenuchagron, the Thai Airways board and senior management have made some progress turning around the airline. The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. "Among the creditors, those who hold 91.56% of the total debt of creditors who attended the . Piyasvasti Amranand says Thailand's national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. 26 January 2021. Thai Airways session cookies that are deleted after each visit. (.) Thai Airways - Lessons for Aircraft Lessors and Financiers. 2483 (1940), where those who hold 91.56 percent of the total debts accepted the Rehabilitation Plan that the Planner submitted to the Official Receiver . Last month, Thai Airways received the approval of its creditors to go ahead with a fresh rehabilitation plan. Thai Airways' rehab plan aims to bring the airline back to profitability by 2025, but much depends on recovery of the air travel market, which has been hit hard by the COVID-19 pandemic. 13,000 potential creditors attended and it was the . (Photo by Ken Kodaka) MASAYUKI YUDA, Nikkei staff writer November 15, 2021 17:57 . The Central Bankruptcy Court of Thailand gave the final go-ahead for Thai Airways' rehabilitation plan on June 15, 2021. However, industry observers say . The administrators of Thai Airways have provided an update on the airline's rehabilitation plans. Thai Airways confident of future success if rehabilitation plan gets approved. Thai Airways International Pcl (THAI.BK) won court approval on Tuesday to restructure a debt load of $12.9 billion as the airline, which is already in bankruptcy protection, seeks to turn around . The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. This means that the early retirement program will reduce the company's employees by around 26 per cent. The objection was raised against EY Corporate and Advisory Services, the proposed plan administrator, by an unnamed lawyer during the first hearing on THAI's . Thai Airways International pcl published this content on 04 December 2021 and is solely responsible for the information contained therein. After pushing back the deadline for filing its rehabilitation plan several times, the Bangkok-based airline finally submitted its plan to the Central Bankruptcy Court's official receiver on March 2, 2021. BANGKOK, March 2 (Reuters) - Flag carrier Thai Airways International on Tuesday submitted its rehabilitation plan to the country's Legal Execution Department, a spokeswoman said. . BANGKOK Thai Airways International PLC unveiled a rehabilitation plan that calls for the troubled carrier to cut a tenth . Previously, Chansin Treenuchagron, Acting President of Thai Airways, told the Associated Press that the terms and details of customer's refund policy were also included in the rehabilitation plan. Today is D-Day for Thai Airways, with 13,000 creditors voting on whether or not to accept the struggling airline's rehabilitation plan. On the other hand, creditors will likely approve the rehabilitation plan, which in turn, will benefit the airline company as it targets to bounce back from its poor economic state and . THAI Reports Progress of its Rehabilitation Plan and 2021 Nine-Month Operational Performance Results Thai Airways International Public Company Limited (THAI) reports the operational performance results of the nine months period of THAI and its subsidiaries with the operating loss excluding the one-time transactions at 21,491 million baht. A lawyer for some of Thai Airways International's creditors has voiced reservations over the national flag carrier's appointment of a company to administer its rehabilitation plan. Thai Airways seeking business rehabilitation plan that has the unanimous support of it's creditors. The debt rehabilitation plan of Thai Airways International has been accepted by Thailand's Central Bankruptcy Court, paving the way for the survival of the company. MIAMI - As part of its restructuring plan, Thai Airways (TG) will sell its 42 aircraft and cut its workforce by one-third from 21,300 to 14,500 by end of 2022.. Piyasvasti Amranand, head of TG's restructuring plan, said that the planes that are being sold are old and not fuel-efficient. They are: Piyasawas Amaranant, PTT chairman (nominated by THAI) However, just as the airline finally cleared the way for its rehabilitation, two creditors raised a . THAI has a total debt of 245 billion baht, much of it racked up in the decade before the Covid-19 crisis grounded flights and wrecked airlines' balance sheets. More cuts at Thai Airways as flagship carrier continues rehab process. Thai Airways persistent cookies that are valid across visits and, for example, are used to avoid the need to tell us your country of residence at the start of each visit. Air Chief Marshal Chaiyapruk Didyasarin, Chairman of the Board of Directors, Thai Airways International Public Company Limited (THAI), revealed the progress of the rehabilitation plan prepared by six planners and EY Corporate Advisory Services, together with the legal advisor, aviation business consultant, and financial advisor. Therefore, THAI and its subsidiaries reported net operating profit of 51,115 million baht in the nine months period of 2021. "Ninety percent of creditors voted to approve the plan," Thai Airways legal advisor Kitipong Urapeepatanapong told Reuters, adding that the Central Bankruptcy Court of Thailand would need to review the plan on May 28, 2021. Amedeo Air Four Plus Ltd. expects that the Thai Airways rehabilitation plan to conclude in November. Subscribe & start reading now!
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