Thai Airways Set to Emerge From Debt With Plan to Double Fleet

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(Bloomberg)-Five years after the introduction of Thai Airways International PCL for the protection of bankruptcy, the director of the debt appointed by the state-controlled carrier court, Piyasvasti Amranand is planning an international aggressive expansion.

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Piasfasti, who is called from half a retirement in 2020 by the Minister of Crime in Thailand, called on Chan Osha, asking to control airlines and establish a rescue operation after the carrier published losses every year in 2013. Thai air aims to appear from this preparation The year is expected to resume shares trading in the second quarter.

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Soster Financial Footing Air Thai AIR last year allowed the request of 45 Boeing Co. With another 35 option. The journey has been increased.

“Fast shift”

Winira Wongsan, head of the Federation of Success and Credit Cooperatives in Thailand, who is investing in bonds and airline, said. “Most lenders have been prepared for a longer and more painful time frame.”

The shift in the profits of the airline and global surveys that show the classification of its pictures and services. Thai Airways recorded a net income of 15.2 billion billion (449 million dollars) in the first nine months of 2024, adding to 28 billion billion in 2023 – a recovery of a record loss of 141 billion pace in 2020 its aircraft.

“The completion of debt rehabilitation and profit rehabilitation has greatly strengthened Thai Airlines resources, which allowed them to return to an aggressive expansion situation,” Piasvigi, 71 -year -old economist, said in an interview with industry executives in Singapore. The Asia Air Festival to discuss sustainability, artificial intelligence and passenger loyalty. He said he was in a position that is now required to take advantage of the travel boom after birth.

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Thai Airlines expect its fleet to jump to 143 aircraft in 2029 of 77 as of September 2024, according to its presentation. It is expected to expand roads to Europe, China, Australia and other international destinations. By 2029, Thai Airways expects that it will carry about 35 % of the total travelers traveling via Suvarnabhumi International Airport in Bangkok, an increase of about 26 % last year.

However, with slowing the demand for air travel after childbirth amid a greater seat capacity, “increased competition has decreased ticket prices.”

“Thai airlines planned to an expansion cycle sooner than the creditors believed that it could be.

At the heart of the carrier recovery plan for the largest corporate debt crisis in Thailand, there was a rejection of more than half of its 28,000 employees, compared to about 50 billion loans and new criticism, according to Passvaga, who was the head of the transport company from 2009 to 2009 2012.

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The total number of airline employees decreased to about 13,000 in 2021 before its height to about 17,000 last year, according to the submission of the company. He also sold about 30 % of its aircraft in four years to 2023.

“It was a difficult decision to reject a large group of our colleagues, and many of them were with the company for a long time,” said Piasfasti, who was the head of the three -member debt manager. “But this was the last option to ensure that the company and the remaining employees remain.”

Restaurant aircraft

Piyasvasti collected cash by selling the real estate of the airline and other assets. This step included the launch of a Bangkok Restaurant resembling a plane that offers meals on board. He also achieved revenues by allowing people to experience flight simulation.

Thai Airways has just completed the reorganization of 76 billion cabetal through a debt swap to property rights with creditors and the presentation of new rights. The new funds have helped to convert the rights of shareholders into a surplus, which allowed the airline to search for permission from the court to the exit of the debt plan in the second quarter, according to Passvaga.

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Piasfasti, who obtained a PhD from London College of Economics, exploited his previous experience in the transformation of the experience of Thai Airlines from trouble.

In 2009, during his first period with Thai Airlines, Passfasti removed the carrier from the financial troubles amid an increase in fuel costs during the global economic slowdown. A year later, I reported a net income after what was at that time historical losses in 2008.

He supervised the restructuring of the country's energy and oil industry when he served as Minister of Energy two decades ago and then the head of PTT PCL, the largest oil company in the country. He organized PTT lists and the state -controlled power producer PCL.

Piasvigi, also a president of the skiing and ice ski association in Thailand, indicated that he is planning to retreat a little from his intense participation in Thai Airlines after the rehabilitation of debt.

“I will not do any full -time job after that,” he said. “I have already got enough after a very difficult time and demands here.”

– With the help of Lee Miller.

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