The document seen by Reuters reveals the carrier's detailed plan for the first time.After the loan, the money-losing national carrier plans to raise 77.04 billion baht in capital by issuing new shares around November, and use the proceeds to pay off the loan plus interest as well as to maintain liquidity, the document showed.Thai Airways had no comment when contacted by Reuters. In 2019, it reported losses of 12.04 billion baht (US$377.3 million). "The rehabilitation plan would have to show clarity in how the company will recover and propose a capable person as the planner who is accepted by all sides," Vicha said, adding that the planner would be key in the process.Under Thai law, creditors, debtors and state agencies can initiate rehabilitation proceedings.The Thai Airways workers' union has said it agrees with the steps. "We agree with these steps since the court would be unbiased ... previous rehabilitation plans were unsuccessful because they were influenced by politicians," its President Nares Peung-yaem said.It looks like the email address you entered is not valid.Copyright© Mediacorp 2020. SOURCE: Nation Thailand Keep … The state-controlled airline's troubles are the latest … This service is not intended for persons residing in the EU. BANGKOK (Reuters) – Thai Airways International PCL plans to seek a 58.1 billion baht ($1.80 billion) emergency loan to maintain liquidity and see it through a … Thai Airways has around 80 planes and employs 22,000 people. Thai Airways formally defaults on loans totaling almost 100 billion baht. Unsurprisingly, eight other airlines based in Thailand are seeking a bailout of 25 billion baht, which is being classed as a ‘soft loan’. "The government has reviewed all dimensions ... we have decided to petition for restructuring and not let Thai Airways go bankrupt. Thai Airways International PCL plans to seek a 58.1 billion baht ($1.80 billion) emergency loan to maintain liquidity and see it through a coronavirus-induced drop in demand, showed a document from the airline detailing the plan. Thai Airways International (TG, Bangkok Suvarnabhumi) has formally defaulted on a wide range of loans and debentures totalling around THB98.5 billion bahts (USD3.1 billion).. The finance and transport ministries did not respond to requests for comment. Southeast Asia's second-largest economy stands to lose 1.3 trillion baht, mostly in the tourism sector, due to the impact of the virus, which has infected over 3 million people globally and led to more than 225,000 deaths. This service is not intended for persons residing in the EU. Rayong tourism official promises 100,000 baht to anyone who contracts covid-19 while visiting. READ: Thai Airways to seek US$1.8 billion emergency loan to navigate virus impact - document. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Thai Airways grounded its fleet in early April, but has denied rumours on social media that it will suspend flights for a further 4 months after the end of May. CAAT releases updated measures for international passenger flights to Thailand. The airline will continue to operate," Prime Minister Prayuth Chan-ocha told reporters at a news briefing. Thai Airways has to put refund requests from customers on hold as it undergoes debt rehabilitation proceedings through Thailand’s Central Bankruptcy … meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners BANGKOK: Thailand's cabinet approved a plan to restructure troubled Thai Airways International's finances through a bankruptcy court, the Southeast Asian country's prime minister said on Tuesday (May 19).The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country.The state-controlled airline's troubles are the latest example of how the coronavirus pandemic is crippling the global airline industry.Colombia's Avianca Holdings SA and Virgin Australia Holdings have filed for bankruptcy protection since the pandemic broke out.Airlines around the world have grounded the bulk of their capacity due to government directives and border restrictions.Thai Airways, though, had been in trouble even before the outbreak of the coronavirus due to stiff competition from budget airlines and bloated costs.It posted losses every year after 2012, except in 2016. "Like Thai Airways, Thailand itself is heavily reliant on travellers. Mediacorp Pte Ltd. All rights reserved. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. The document's authenticity was confirmed by two people involved in the decision to seek the loan, who declined to be identified as they were not authorised to speak with media.The national carrier, which marks its 60th anniversary this year, was already facing financial trouble before the coronavirus outbreak, having reported losses since 2017.It suspended flights in March as travel demand slumped, with governments worldwide imposing restrictions on movement to slow the spread of the novel coronavirus. "Thai Airways will be protected by the courts ... and a professional will be appointed to oversee the restructuring," Prayuth said, adding the airline’s workers will continue to have jobs.Thai Airways said the plan will be implemented through the Central Bankruptcy Court and it would operate as usual as the restructuring took place.“Thai Airways will not be dissolved or go into liquidation or be declared bankrupt,” Thai Airways Acting President Chakkrit Parapuntakul said in a statement.Operations including passenger and cargo transportation will continue in parallel with the plan, he said.Government spokesperson Narumon Pinyosinwat had on Monday likened the plan to a Chapter 11 filing in the US.​​​​​​​By May, airlines around the world had grounded about 95 per cent of their capacity as air travel all but came to a standstill due to the coronavirus pandemic.As a state-controlled enterprise, the Ministry of Finance, which owns 51 per cent of the national carrier, would approve and initiate the proceedings, bankruptcy law expert, Vicha Mahakul, told Reuters. (Reporting by Chayut Setboonsarng and Panu Wongcha-um; Editing by Christopher Cushing)FILE PHOTO: Thai Airways airplanes are parked at the tarmac of Suvarnabhumi Airport in BangkokEyes on Saddiq's next move after absence at Dr M's new party launchHow Much Does The National Day Parade Cost The Singapore Taxpayer?It's decision time for Joe Biden: His VP pick could make history, with Harris, Rice among top contendersExplainer: Microsoft's TikTok bid spotlights Windows maker's history with ChinaDefying virus, thousands of motorcyclists flood into small US townRevisiting the hiccups, moving moments and LOLs from NDP historyMicrosoft's TikTok bid spotlights Windows maker's history with ChinaHong Kong media tycoon Jimmy Lai arrested under China's national security law3 Blue-Chip Companies with Attractive Dividend YieldsIs It Bad to Crack Your Back?

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