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Thai Airways denies bankruptcy reports

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Thai clarifies “misinformation” in social media

Thai Airways’ communications department has moved to clarify what it calls misinformation circulating through online channels regarding its imminent bankruptcy and employee protests. The airline denies all such rumours.

“Since its establishment, THAI has met all debt payments even with low operating results in the past,” it says in a statement. “Therefore, the company will not go bankrupt as it has never missed debt payment since it was established.”

The company explains that at the end of the third quarter 2013 it had assets that were primarily aircraft valued at approximately 315,923 million baht (€7 billion) and debts including burden of interest at approximately 183,489 million baht, excluding the burden of expenses for 20 leased aircraft in the fleet.

“The company has well-prepared its finances and has sufficient liquidity. When compared to 2008, when the company experienced an operating loss prior to foreign exchange rate and tax (not including aircraft impairment) as high as 14,943 million baht, whereby assets increased at a rate higher than debts, the company never missed a debt payment then.”

However, regarding flight delays experienced on January 5, Thai Airways said it currently lacks outsourced manpower at Bangkok’s Suvarnabhumi Airport, causing work to slow at the airport for tasks that need experience and expertise. The management says it has corrected the problem.

TravelDailyNews

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