Thai Airways receives postponement of payment
Thai Airways is likely to be granted a moratorium by the Thai government. The company is in financial difficulties due to the Corona virus, among other things. The Thai government wants to offer salvation through bankruptcy protection. During this protection Thai Airways will be given the space to get the airline back in financial order. This plan replaces a previously issued rescue plan.
The bankruptcy protection granted to Thai Airways can be seen as a ‘Chapter 11’ as is the case with companies in the United States. In this way a company can reorganize without pressure from creditors. It was previously intended that Thai Airways would receive a loan of 1.6 billion euros. This plan has now lapsed.
Fleet on the ground
Thai Airways is 60 years old and has been in financial difficulties for some time now. At this moment the entire fleet of Thai Airways is on the ground. All incoming international flights in Thailand have been cancelled at least until the end of June. The last 3 years of Thai Airways have been loss-making. Last year there was a loss of 370 million dollars.
(c) Photo: Thai Airways – Boeing 747 Dreamliner