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Thai Airways must fund 10 billion baht to preserve company
28th Oct 2022
The State Enterprise Policy Office (SEPO) of Thailand have said Thai Airways (THAI) must fund 10 billion baht to prevent its stake from falling below 40%.
The Finance Ministry, which has a 47% stake in THAI, has said that steps are already being taken to get money and protect its ownership in the company.
The Director General of SEPO, Pantip Sripimol, claimed that the ministry is selling a portion of its stakes in other state-owned companies in order to obtain the required money. Pantip said that the Ministry of Finance hasn't said which state industries will be given up as part of the deal, because the policymakers in the ministry will make that decision.
The central budget money that the federal government gives to the Finance Ministry will not be used for capital improvements.
Last week, the Central Bankruptcy Court approved THAI's request to change its plan for getting back on its feet. This gave the airline a much-needed boost.
The court ordered the national flag carrier of Thailand to continue operations after the majority of its creditors supported the amended plan. Approximately 79% of creditors, including the Ministry of Finance, supported THAI's revised recovery plan.
THAI has suffered in recent years like the majority of companies because of the COVID-19 epidemic.
Late in 2019, the airline filed for bankruptcy protection after declaring enormous debts of 245 billion baht. Under the Bankruptcy Act, the Cabinet authorised the rehabilitation plan in May 2020, which was subsequently approved by the Central Bankruptcy Court. Over the last several months, however, there have been signs of recovery.
Since the cessation of the epidemic, when foreign travel resumed, THAI has received excellent reviews. They also said they would reimburse passengers whose flights were cancelled due to the epidemic.
Pantip said that the SEPO supports the sale of the Finance Ministry's non-listed firm shares. The majority of these shares were acquired through the purchase of foreclosed properties.
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