© Tis Meyer / PlanePics.org The carrier also defaulted on two smaller loans: THB1 billion (USD31.6...Airports of Thailand (AOT) is prepared to temporarily take over the operation of ground and cargo handling, as well as MRO operations, at The Nation English language newspaper said Nitinai suggested that the state-owned airport operator could enter into a JV and assume responsibility for the three units while Thai Airways goes through its Chapter 11-like restructuring.
Thai have been suffering from a series of losses over in recent years. This summer, Sumeth said that they are currently going through terms of the contract with the firm before confirming the sale.

At the end of the year, the airline had liabilities of THB244.9 billion (USD7.7 billion). However, according to The bleak cost to profit ratio was a catalyst for the airline to give up its goals for the widebody. The aircraft were purchased by the airline despite objections from the National Economic and Social Development Board. Subsequently, the airline was reported to have stated that they intended to sell the aircraft post-retirement. However, one of the units did manage to be shifted. 01.02.2017 - 02:48 UTC French Polynesia's Air Corail rebrands again, defers launchArgentina's Flyest exits bankruptcy, seeks investorsVirgin Atlantic outlines plans to trim lease rates, cut debt Until the sale goes through, the majority of the A340s are still in storage with Thai. The airline operated the A340’s last flights on the 28th March 2016. Please Support us by turning off your adblocker. The purchase of ten A340s in 2003 by Thai Airways International (TG, Bangkok Suvarnabhumi) is being questioned, reports The Bangkok Post. Nitinai added that once Thai Airways successfully completes its restructuring, AOT could sell its stake in the JV back to the carrier. While a detailed restructuring plan will only be presented in due course, the airline said that initial steps include the restructuring of its estimated THB18+ billion baht (USD573 million) debt ensuring fair treatment of all creditors, and an operational reorganisation which will focus on the size of its fleet, network, and commercial strategies. Any decisions regarding the establishment of the JV would only be possible after August 17, when a court is due to meet and formally decide whether to allow Thai Airways to proceed with its restructuring. Nitinai revealed that Thai Airways owes AOT THB3 billion baht (USD95.6 million) but said that the...Want to receive the latest aviation news delivered right to your mailbox every week?
In an effort to turn things around, the carrier has implemented a The firm will be hoping that the sale of its redundant airliners will go through soon. All rights reserved.

We will update with any further information.Deputy Editor - Sumit comes to Simple Flying with more than eight years’ experience as a professional journalist. Waiwatana, Tai Chong Yih, Kasemsant Weerakun, Wutthiphum Jurangkool, and A detailed seat map showing the best airline seats on the Thai Airways Airbus A340-500 (Version 3452).

Be in the know.We use ads to keep our content free. By doing so, AOT would ensure that the crucial services continue to be operational regardless of the flag carrier's situation. However, one of the units did manage to be shifted. Two attempts over the past three years have failed, and they remain mothballed at The Thai low-cost carrier said in a stock market filing that as a debtor, it had pursued court-endorsed rehabilitation given the difficult financial circumstances it had found itself in due to the current operating environment. Based in London, UK.Sign up to our daily aviation news digest. The efficient, Two years later, Thai are still expressing their interest in selling the A340s. Wutthiphum is the carrier's current Chief Executive Officer. Having written for The Independent, Evening Standard, and others, his role here allows him to explore his enthusiasm for aviation and travel. Photo: Airbus How serious is the suggestion? © 1998-2020 ch-aviation GmbH. Thai Airways International Airbus A340-500 The combined value of the debentures amount to THB85.1 billion (USD2.7 billion), which constitutes 34.7% of the Thai carrier's total liabilities as of December 31, 2019. The deal is under consideration as a policy matter, before going to the Cabinet for approval.Until the sale goes through, the majority of the A340s are still in storage with Thai. The A340-500s were deployed on flights between Since grounding its A340 fleet, the Thai carrier has struggled to find buyers for the aircraft. The re-activation of the A340-600s is still uncertain.

It underlined that it had no intention "to terminate or liquidate its business" and hoped to continue operations throughout the restructuring process. Former vice president of the airline, Yothin Pamornmontree, has urged a probe into the process which led to the acquisition of four A340-500 s and six A340-600 s. In addition to the seven batches of debentures, Thai Airways also defaulted on a EUR334.5 million euro (USD387.6 million) loan from the Thai Ministry of Finance.


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