Thai Airways seeks government loans as part of restructuring plan

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By TESTCustomwebLP TESTCustomwebLP August 18, 2014 21:04

Thai Airways seeks government loans as part of restructuring plan

Thai Airways International has announced it will submit a request to the Thai military government’s state enterprise “super board” for loans to assist with restructuring the airline. The exact size of any potential loans as not been disclosed.

The airline has stated it will sell up to four aircraft; the revenue from which, combined with between THB2 and 3 billion in loans that Thai has secured without the help of the Finance Ministry, the airline believes will be sufficient to cover its losses until the end of the year.

Thai recorded a THB12 billion loss last year, and was THB2.63 billion baht in debt in the first quarter of 2014. The airline plans to shed 1,500 jobs this year as part of a restructuring plan in which it intends to cut more than a quarter of its full-time employees by 2018.

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By TESTCustomwebLP TESTCustomwebLP August 18, 2014 21:04