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Home » News from Thailand » Topman THAI Airways denies statements about possible bankruptcy
Topman THAI Airways denies statements about possible bankruptcy
Posted in News from Thailand, Flight tickets
Tags: Bankruptcy, Thai Airways International
THAI President Sumeth says he was misunderstood when he told staff in an internal memo earlier this week that they had to participate in a restructuring program because otherwise the airline was in danger of going bankrupt.
According to Bangkok Post, Sumeth Damrongchaitham had informed staff that THAI is in a serious crisis and there is not much time left to save the company.
Now the Thai national airline denies that bankruptcy is imminent. According to Sumeth, the media has hyped the matter and this week the staff has only been informed about an austerity plan.
The airline suffered a loss of 190 million euros in the first half of the year and is also struggling with a sky-high debt. To turn the tide, among other things, the salaries of staff and management must be reduced, but there is not much support for this measure among the staff.
Source: Bangkok Post
It was to be expected that a denial would follow.
I wonder if anyone will wave that internal memo.
However, if the remark about bankruptcy, or the denial thereof, has already been leaked to the travel companies, it could just be that it turns out to have become a prediction.
All airlines have the same problem. Due to the competition, they fly much too cheap. Brussels-Bangkok round trip 575 euros if you order a few weeks in advance.Included 6
meals + all drinks and entertainment. It won't last, but as long as the state helps, we can fly further at a very cheap price.
That cheap is of course relative. Thai airways is actually always one of the more expensive airlines.
It is strange that the cheapest airlines such as Ryan Air do make a lot of profit.
If you raise the prices, people will fly less, so that won't change much. I think it is rather that the fat pots are doing too much, as was the case with Sabena.
This statement has made a lot of people worried whether they will or will not.
If passengers had access to the annual accounts of the companies, not much would be booked.
Thai will not collapse as the government will never allow it.
But maybe and hopefully it will become clear that the system of nonsensical jobs is no longer of this time.
The government and state-owned companies are responsible for the hidden unemployment, but I fear that an even more protectionist import policy will be forthcoming.
The world trade agreement on imports is circumvented in various ways and they simply get away with it because the foreign and Dutch governments don't give a damn.
It would be nice if those students of the studies for Dutch companies in Thailand could map this out.
Whether President Sumeth has been misunderstood or not, many passengers who planned to fly with Thai Airways in the future no longer matter at all.
Where a president speaks in public about the enormous problems that exist in his airline, at the same time he makes future passengers think twice about booking at all.
Many, to avoid risk, will think that where there is smoke there must be fire, so that they will flee after other companies.
All in all, in my opinion, Sumeth's statements are not a clever way to try to get rid of this huge mountain of debt.
“In order to turn the tide, the salaries of staff and management must be reduced, but there is not much support for this measure among the staff.”
That's the upside down world. Get people out and let them flow into other work because there is plenty of work.
Channel 3 was simpler in that regard. He threw out more than 2 people in 300 rounds. Socially desirable perhaps, but part of the staff has visibly demonstrated that they have no additional value, otherwise it will not get that far.
As long as the state steps in. Let's look at the numbers, all those losses, the large fleet of all kinds of different aircraft, the expensive management with all kinds of benefits. That costs something. And then there is also a gentleman living in Germany who sometimes flies with Thai Air and then other passengers can make room. Earlier this month, a plane with Mr. on board made a nice detour, it flew into Thai airspace straight towards Bangkok, but then suddenly went north (Chiang Mai / Rai) and then set course for Bangkok again. A nice panorama flight maybe? Extra service for passengers on board!
Dear Rob, In September 2004 my partner and I flew to Bangkok with China Airlines, the national airline of Taiwan, when we were told during check-in at Schiphol that there would be a stopover in Athens. The Summer Paralympics had just ended there and the first lady of Taiwan, confined to a wheelchair herself, would be going home from there to Taipei. Coincidentally we had booked business class and we have never been so spoiled on a flight. In Athens we had to disembark for an hour and all passengers received vouchers to spend at the airport there. In Bangkok we had a reservation for a rental car and a China Airl employee. contacted us by telephone, we did not have a mobile phone at the time, to inform the company that we would pick up our car a little later. Excellent service and on a month's holiday, those few hours didn't matter to us. So not only Thai Airways makes exceptions for dignitaries. By the way, I once waited in the cabin for a long time in Bangkok, coincidentally again business class, when at least 10 people, fairly tipsy and quite noisy, populated the business class. Muscular guys, looked like rugby players but turned out to be off-shore personnel coming off a delayed flight. No sooner were they in their seats than the plane started to taxi. Once taken off, most of them had another beer before falling into a deep sleep and only waking up during the landing at Schiphol. With regard to Thai Airways, I wonder where the biggest financial malaise is. Does that concern the international flights or is it the domestic flights that cause a loss. It will have to be repaired anyway. I don't know what the staff earn, but I can imagine that they are not cheering at a salary reduction.
I was told that if a high-ranking person residing in Germany flies with Thai, all 1st class people are thrown out because of the privacy of these important passenger(s). That will cost quite a bit.
That will most likely be true Rob, but it will not happen frequently and is of course not the cause of the huge loss that this airline suffers. Would also not know how many first class seats there are in a certain type of aircraft and usually they will not all be occupied. There was no first class in the China Airlines planes I flew business class with. The business seats were on the so-called 'lower' and 'upper' deck.
No, of course that customer is not significantly responsible for the losses, but it is certainly not good for the image. Add to that the costs that go to privileges of, among others, the management (and their relatives). Some things make the newspaper:
“The apology offered by Thai Airways International president Sumeth Damrongchaitham, for the behavior of THAI's two pilots, who refused to take off unless two of the airline's first-class passengers were ejected from their seats for the company's off-duty pilots, is not enough . ”
https://www.bangkokpost.com/opinion/postbag/1561746/too-little-too-late
On October 12, many, if not all, booked tickets were canceled on the Munich – Bangkok flight. Rode; a high Thai gentleman residing in Bavaria and his employees have to fly back to Bangkok because of a national holiday.
Imagine for a moment; According to European legislation, 300 canceled passengers (not only First, but also Business and Economy) are entitled to € 600 in compensation (plus costs for another flight or refund of the ticket, so the actual costs are much higher!). That is already € 180.000.
Perhaps Thai passengers do not dare to claim, but European passengers do and you also have to deal with reputational damage. Because such “jokes” will prevent you from flying with THAI again. And of course this could have been solved differently. Because at Suvarnabhumi there are enough planes stationary, including several 747s.
Anyway, the gentleman from Bavaria says it, so THAI does it without further criticism or thought. The fact that society is then saddled with a high cost item does not seem to bother anyone. And to think that the gentleman himself also uses a Boeing 737 of the Thai Air Force, which also has room for about 30 men.
I have known Thai Airways for almost 25 years. When they still flew to Amsterdam, I usually flew with this company and it was always pleasant, but also surprising. Unexpected stopovers in Zurich, Frankfurt, Copenhagen occurred regularly and even once in Mumbai India, from where the plane departed for Amsterdam with a crew of 24 people and only 17 passengers in a Boeing 747.
From everything I got the impression that the management of Thai Airways had no vision at all and just did what it did. Any shortages would be covered by the government.
This is my impression:
As long as there is no other Thai national airline, Thai Airways will not go bankrupt.
Why? Because that man in Germany wants to be able to fall back on the national airline if his own two 737s are not available.
His family members also enjoy similar preferential treatment at Thai Airways.
This is not the case with a foreign company and that is of course very annoying.
Since his will is law in Thailand, he only has to make a sound to have his newest lap dog Cha-cha transfer the necessary money.
If you want to fly with Thai Airways, it is therefore wise to take into account (serious) delays and/or mandatory rebooking, because he and/or his family and entourage want to come along.
That impression is completely wrong.
Thai airways has of course been financially bankrupt for several years. The Thai government, with 70% of the shares, catches up every year, wants to see less loss every year, regularly appoints a new CEO who puts things in order and promises to put things right, but nothing seems to work so far.
Thai's financial problems are the result of a myriad of management-level decisions, some of which are easier to reverse (or remedy) than others.
In addition, there is the emotion of a national airline versus a company that should make as little loss as possible and should work efficiently. That really has very little to do with the flights of that one customer in Germany. He is not responsible for the great loss and Thai would not improve financially if he always stayed in Bangkok or even paid for all seats in business class. Just nonsense and such arguments say more about the (ignorance of the) writer than about the case.