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Thai Airways seeks to raise B50bn
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Funds needed under debt revamp plan
published : 3 Mar 2021 at 04:00 Chansin Treenuchagron, THAI s acting president, at a press conference on Tuesday.
Thai Airways International (THAI) says it plans to raise about 50 billion baht over the next two years as the financially struggling flag carrier submitted its business rehabilitation plan on Tuesday.
Chai Eamsiri, acting executive vice president of THAI s Finance and Accounting Department, said an initial amount of 30 billion baht must be raised by June this year to pay for operational costs and compensation for employees who have resigned.
The funds may be sought by borrowing from financial institutions, seeking investment allies or through a debt-to-equity conversion, he said.
Covid: Qantas launches mystery flights to boost tourism bbc.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bbc.co.uk Daily Mail and Mail on Sunday newspapers.
Companies listed on the Stock Exchange of Thailand (SET) are expected to post a combined profit of 416 billion baht in 2020, a 53.6% drop from the year before, due to the impact of the pandemic and staggering loss of Thailand's flagship airline Thai Airways International (THAI).
Union rips THAI move to cut leave days
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published : 2 Mar 2021 at 06:00
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The labour union of Thai Airways International (THAI) is protesting changes to the ailing flag carrier s employment contracts, which its employees were asked to agree to as part of its financial rehabilitation programme.
The contracts, the union s representatives said, are unfair to THAI employees as they entitle them to fewer leave days and shorter holidays, so a formal complaint has been filed with the Department of Labour Protection and Welfare (DLPW).
As part of THAI s attempts to reduce operating costs as it undergoes debt rehabilitation supervised by the Central Bankruptcy Court, the airline rolled out an early retirement programme for its executives.