Thai dichiara bancarotta?


Dancrane

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Anche Thai sembra dichiarare bancarotta, per avviare un processo di ristrutturazione ex novo (e più conveniente) rispetto a quello attualmente in corso.

La procedura sostituisce il precedente piano di salvataggio, che prevedeva che la compagnia aerea reperisse un prestito di 58,1 miliardi di baht (2,6 miliardi di dollari) garantito dal governo. "È simile al ricorso al Chapter 11 negli Stati Uniti", ha dichiarato il portavoce del governo Narumon Pinyosinwat, aggiungendo che i dettagli del piano di riabilitazione non sono stati discussi.



La Compagnia, tuttavia, ha smentito la notizia (anche se, più che una smentita, ha tutta l'aria di essere una "non conferma")

 

Dancrane

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Il primo ministro in persona ha dichiarato che la compagnia proseguirà col piano di risanamento senza dichiarare bancarotta


“Thai Airways will enter a rehabilitation process under the court. We have decided to petition for restructuring and not let Thai Airways go bankrupt. The airline will continue to operate"

Thailand’s Prime Minister Prayuth Chan-och
 

AZ209

Socio AIAC
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Il Governo Thailandase non e' piu' l'azionista di maggioranza di TG dopo che il Ministro delle Finanze ha ridotto la partecipazione statale


Thai government reduces stake in Thai Airways

The Thai government is no longer a majority shareholder in Thai Airways after the country's finance ministry reduced its stake to 47.86% from 51.03%.
"After the reduction of shareholding percentage held by the Ministry of Finance in the company, the company shall cease to be a state enterprise under the relevant laws," Thai Airways says in a filing to the Stock Exchange of Thailand.
The finance ministry disposed of the shares to Vayupak Fund 1. According to the US State Department, that fund was created in 2003 under the authority of the finance ministry. Krungthai Asset Management manages the fund.
The disposal of the shares is part of the carrier's restructuring plan.
"I believe the government, as well as other stakeholders, hope that by no longer being a state-owned enterprise, Thai Airways can operate with greater flexibility and more in accordance with market demands," says John Frangos, a partner at law firm Tilleke & Gibbins in Bangkok.
"A state-owned enterprise is essentially a quasi-government agency, which means political issues may often be considered just as much as business concerns. Without being a state-owned enterprise, the hope is, I think, Thai Airways will operate more like a private-sector company listed on the stock exchange.
"In other words: more of an emphasis on the market and market demands, and less of an emphasis on politics and political considerations. And in the long run, the idea is this would result in greater profitability for Thai Airways, where the government does not have to come to its rescue."
On 19 May, the Thai government said it had given approval for the airline to reorganise under supervision by the local bankruptcy court. In the meantime, the airline is able to operate flights and run its business as usual.
Cirium
 

Cesare.Caldi

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Parole da scolpire nel marmo:

A state-owned enterprise is essentially a quasi-government agency, which means political issues may often be considered just as much as business concerns. Without being a state-owned enterprise, the hope is, I think, Thai Airways will operate more like a private-sector company listed on the stock exchange.
"In other words: more of an emphasis on the market and market demands, and less of an emphasis on politics and political considerations.

Ed è esattamente il contrario di quanto sta facendo AZ che essendo nazionalizzata sarà sempre piu' soggetta a scelte politiche e non di mercato.
 
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Simme71

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Sarà interessante capire come si muoverà la Thai visto che la Thailandia, paese tra i pochi che sostanzialmente non ha visto al suo interno il virus, è chiusa al turismo e non si intravedono spiragli per una rapida riapertura.
Da fine ottobre dovrebbero ripartire i voli diretti da/per Roma e Milano, chissà se saranno confermati gli operativi
 

Cesare.Caldi

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Dovranno riaprire a breve il turismo in arrivo magari chiedendo il tampone all' ingresso il turismo internazionale rappresenta oltre il 20% del Pil tailandese
 

Simme71

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Aggiornamento, il prossimo 2 marzo sarà una data importante per la Thai.

fonte: https://www.bangkokpost.com/opinion/opinion/2070151/time-to-bid-farewell-to-thai-airways-

Time to bid farewell to Thai Airways?

On March 2, Thai Airways will submit its business rehabilitation plan to the Central Bankruptcy Court. After that, in around May, the court will assemble Thai Airways' creditors to vote on the plan. If a majority of creditors vote yes, the court will appoint rehabilitation plan administrators and Thai Airways will conduct its business according to the plan. If a majority of creditors vote no, Thai Airways will be declared bankrupt and will head towards liquidation.
Originally, Thai Airways intended to submit the plan on Jan 2 but that did not happen. The submission date was then rescheduled to Feb 3. That did not happen either. The submission date is now pushed to March 2 -- one day before the deadline set by law. If Thai Airways fails to submit the rehabilitation plan by that date, it's over.
Thai Airways was a large public organisation and currently employs about 20,000 people. More importantly, the national flag carrier is a vital part of the tourism industry. Before going under, Thai Airways carried over 24 million passengers a year. If half were tourists, it means that Thai Airways alone brought in 1.2 trillion baht (equivalent to 7.3% of GDP) of tourism income to economy. This definitely is not an organisation to be ignored.
Thai Airways never publicly explained the plan and its problems led to submission postponements. But with information from various sources and my own experience in mega-debt restructuring, I can pretty much guess what has been going on. According to my understanding, the first draft of the restructuring plans failed because of three burning issues. The first issue was the abandonment of Thai Smile -- a 100% subsidiary of Thai Airways. Thai Smile has been running at an operating loss for seven consecutive years, about 1.5 billion baht per year, and sees no sign of turning profitable any time soon. Most foreign creditors saw no reason to keep the cash-drained Thai Smile. But certain Thai creditors disagreed as the closure of that subsidiary could result in political repercussions.
The second burning issue was the downsizing of the fleet. The draft called for halving of its fleet of 80 aircraft to fit the new business plan. Well, half a fleet means half an income. Half-sized income means half-sized debt. Creditors, on average, would need to take a 50% hair-cut on their loans.
But in reality, creditors with collateral, like airplane lessors, would get much less haircut depending on the value of the collateral while non-secured creditors, like debenture holders, would bear most of the haircut burden. Super-deep and uneven haircuts caused disagreement among creditors. However, in subsequent drafts, Thai Airways still insisted on the necessity of downsizing its fleet as it could find no profitable routes for those planes.
The last burning issue was most critical and Thai Airways did not have a good answer for it. The issue was about new debt that occurred after it filed for bankruptcy protection in May last year, and the necessary working capital needed when Thai Airways resumes its normal business. Without a regular income, Thai Airways has been losing money -- at least one billion baht a month since the grounding of its fleet. So, it has been secretly borrowing money to pay for necessities such as staff salaries. I estimate that the accumulated new debt and needed working capital for business resumption would amount to at least 30 billion baht. Without this money, the rehabilitation plan will never work.
In response to that, Thai Airways appointed an advisory firm to find the money both from new investors and new borrowing. The appointment of an additional adviser is a controversial one as the fee is a whopping 600 million baht. The fee is high because the adviser will only get the full amount if it can find new investors and funds. I don't think the money-finding scheme worked, resulting in the postponement of the February submission date.
Be real. Who would be brave enough to invest in an airline business now? If one wants to do so, one has 25 bankrupted airlines around the world to choose from. And a few more months, there is likely to be more airlines filing for bankruptcy. Finding money for Thai Airways would be most difficult.
Plan A failed to get investor's blessing because there is no identification of cash injection sources. Plan B failed to get the consent again because Thai Airways cannot find cash. Now we are in Plan C which has to be submitted before the March 3 deadline.
Without the necessary cash injections, Thai Airways is as good as dead.
Under Plan C, it seems like Thai Airways is preparing itself to walk down the bankruptcy route. But before facing the cruel fact, it wishes to save its four siblings -- Thai Catering, Thai Cargo, Thai Ground Services, and Thai Technical. Three siblings -- Thai Crew Centre, Thai Flight Training Centre, and Thai Smile -- will not be saved. But without the mother who carried 24.5 million passengers a year and flew 80 aircraft around the world, these four siblings will find difficult to survive on their own. I do not want to see Thai Airways die. The country should not risk leaving more than 10 million cash-paying foreign tourists in the hands of foreign carriers.
Here is my suggestion. The government should be the one which provides the "seed" necessary for finding a cash injection. The government does not need to pay anything upfront, but just simply agree to purchase services from Thai Airways for five consecutive years at the amount of 10 billion baht a year. With the 5-year purchase contract totalling 50 billion baht from the government, Thai Airways can use that contract as collateral for a new 30 billion baht loan or even lure new investors.
In exchange for the contract, Thai Airways has to commit to bringing in a minimum of three million foreign tourist a year. Why?
First, the country will have secured 150 billion baht of foreign tourist income. Second, the government will get 26 billion baht in tax revenue from those tourists, calculated based on 17.5% effective tax rate. Third, the government would get 10 billion baht a year in travel vouchers from Thai Airways. Fourth, at least 10 thousand people can keep their jobs at Thai Airways and all its siblings will survive.
A win-win solution?

Chartchai Parasuk, PhD, is a freelance economist.
 

Pinto

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darioflight

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Biglietti acquistati dicembre 2019 con partenza luglio 2020 ancora in pending. Per il momento nessun rimborso nessun voucher. La Thai mi chiede di aver pazienza che tutto si risolverà a breve. Vedrò mai qualcosa? I dubbi crescono...
 

Dancrane

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La compagnia, nell’ambito del programma di salvataggio, ha venduto 5 A340 (un 345 e 4 346) per circa 100 milioni di euro. Gli aerei erano al prato da tempo.

 
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tiefpeck

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La compagnia, nell’ambito del programma di salvataggio, ha venduto 5 A340 (un 345 e 4 346) per circa 100 milioni di euro. Gli aerei erano al prato da tempo.

In realtà sono quasi 10 milioni di euro, ed è già grasso che cola. Articolo interessante che spiega come Thai abbia snellito le procedure per la dismissione degli aerei (seguiranno dei 777 e dei 380). I 340 erano usati sulle rotte per gli USA, che però non sono mai state profittevoli.
 
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East End Ave

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su e giu' sull'atlantico...
In realtà sono quasi 10 milioni di euro, ed è già grasso che cola. Articolo interessante che spiega come Thai abbia snellito le procedure per la dismissione degli aerei (seguiranno dei 777 e dei 380). I 340 erano usati sulle rotte per gli USA, che però non sono mai state profittevoli.
Per dismissione si intende rottamazione? Perche' altrimenti non so proprio a chi possano dare anche solo un 380...
 

Simme71

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Thai riapre Milano Bangkok da novembre, nulla di fatto per Roma.
Ad oggi non c'erano più collegamenti diretti tra Italia e Thailandia. Prima dello stop a causa del covid erano 10 i collegamenti settimanali, 5 sia su Roma sia su Milano.
 

simof75

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firenze, Toscana.
Thai riapre Milano Bangkok da novembre, nulla di fatto per Roma.
Ad oggi non c'erano più collegamenti diretti tra Italia e Thailandia. Prima dello stop a causa del covid erano 10 i collegamenti settimanali, 5 sia su Roma sia su Milano.
potrebbe tentare ITA da Roma sarebbe in monopolio

Inviato dal mio M2101K9G utilizzando Tapatalk
 
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