Thai government pumps money to save Thai Airways from bankruptcy
Thai Airways International Pcl will receive key financial support from the government for its 80 billion (2.2 billion USD) capital-raising and debt-to-equity swap plan which is aimed at helping the carrier come out of bankruptcy, according to Bloomberg News.
Thai Airways will receive financial support from the goverment to save the carrier from bankruptcy . (Photo: AFP/VNA)
Bangkok (VNA) ไ– Thai Airways International Pcl will receive key financial support from the government for its 80 billion (2.2 billion USD) capital-raising and debt-to-equity swap plan which is aimed at helping the carrier come out of bankruptcy, according to Bloomberg News.
State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Airways as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith was quoted as saying in an interview with Bloomberg News on August 8.
He noted that the ministry and other agencies will continue to maintain a combined stake of at least 40%, but the proportion will not exceed 50% to induce the carrier to stay competitive.
The carrier's debt restructuring plan, which is under court supervision, is expected to be completed in 2024. Previously, it filed for bankruptcy protection in 2020, due to accumulated losses from 2013. However, the recent recovery of global air travel has helped Thai Airways' boost its cash flow and reduce loans.
🍨 The improving finances and capital-raising plan will accelerate the resumption of trading in the airline’s shares, which were suspended in May, the official said, adding that the previous timeline for trading to begin again was in 2025./.
Thai Airways International (THAI) has lost its state enterprise status after the Vayupak 1 Fund bought a 3.17 percent stake from the Finance Ministry of Thailand.
The Central Bankruptcy Court of Thailand on September 14 approved a request for a debt restructuring plan of Thai Airways International Plc, the nation’s flagship carrier, which has been hit hard by the COVID-19.
The Thai economy is still expected to grow 2.75% to 3.5% this year, helped by increased exports, more tourists, and government support, but faces rising inflationary pressures, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said.
The Thai Ministry of Transport has ordered several government agencies and organisations to enhance efforts in improving rail transportation between Thailand, Laos and China.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Thai Airways will receive financial support from the goverment to save the carrier from bankruptcy . (Photo: AFP/VNA)
