Thai Airways bags emergency loan from government
Thai Airways’ long awaited government bailout seems to be imminent.
A THB58 billion (US$1.8 billion) emergency loan has been agreed in principle and guaranteed by the Ministry of Finance.
It will go before the cabinet for final approval possibly next week, according to Reuters.
The loan will likely be enough to see it through the Covid-19 pandemic.
It will receive the money in stages.
It forms part of a cost-cutting restructuring plan which will see its fleet size gradually reduced from 103 to 84 planes by 2024.
In addition the airline plans to raise THB77 billion in new shares later this year to help pay off the loan.
The national carrier has been in financial trouble long before the Covid-19 outbreak started and has been making a loss for the past few years.
The national carrier suspended flights in March, although limited domestic flights are restarting in Thailand this week after a partial lockdown.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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