Mentors Posted January 19, 2009 Report Share Posted January 19, 2009 Thai Air Falls to 16-Year Low After Seeking Funds Jan. 19 (Bloomberg) -- Thai Airways International Pcl, the nation's largest airline, fell to a 16-year low in Bangkok trading after seeking emergency loans from the government to resolve a cash shortage. The state-controlled carrier needs to borrow as much as 19 billion baht ($544 million) and aims to have a plan in place by next month, Chairman Surachai Thansitpong said today in Bangkok. Its stock slipped as much as 6.5 percent to 6.45 baht as of 2:44 p.m., the lowest intraday price since July 1992. The company has fallen 80 percent in the past year. Thai Air expects its first loss in 45 years in 2008 after anti-government protesters shut down Bangkok's main airport for eight days from Nov. 25, stranding about 400,000 travelers during Thailand's peak tourism season. Sales this year have fallen as much as 30 percent, Surachai said. Some people are afraid Thai may be issuing new shares or increasing capital,'' said Raenoo Bhandasukdi, an analyst at Capital Nomura Securities Pcl in Bangkok, who has a ``Buy'' rating on the stock. ``Still, because the company is state-owned, we believe the government can guarantee its loans.'' The carrier previously raised 10 billion baht, which is enough to fund operations until March, Surachai said. The Bangkok airport closure may cost the carrier about 19 billion baht in lost sales and cancellations. More money is needed ``as soon as possible,'' Raj Tanta- Nanta, vice president for investor relations, said by phone today. ``Sooner is better than later.'' http://www.bloomberg.com/apps/news?pid=20601080&sid=aVUqV2or3mYM&refer=asia Link to comment Share on other sites More sharing options...
samak Posted January 19, 2009 Report Share Posted January 19, 2009 no wonder with all those empty planes. last friday we were only 2 passengers in biz class! Link to comment Share on other sites More sharing options...
Faustian Posted January 19, 2009 Report Share Posted January 19, 2009 Wow! It really is in serious trouble! Link to comment Share on other sites More sharing options...
tartempion Posted January 20, 2009 Report Share Posted January 20, 2009 I just saw a business class promotion on Thai today to Europe:111K baht + tax Why would I fly them when I had the opportunity to buy a business class tick on Etihad for 65K + tax? Etihad flies a B777/300 to Abu Dhabi with a business class seat pitch of 224cm and Thai??? Link to comment Share on other sites More sharing options...
.. Posted January 20, 2009 Report Share Posted January 20, 2009 no wonder with all those empty planes.last friday we were only 2 passengers in biz class! My flight to Oz on Saturday was chock-a-block full, even in biz. Cheers, SD Link to comment Share on other sites More sharing options...
CTO Posted January 20, 2009 Report Share Posted January 20, 2009 I got a offer 48 K Biz Class to Sydney or Melbourne return. Link to comment Share on other sites More sharing options...
Mentors Posted January 20, 2009 Author Report Share Posted January 20, 2009 no wonder with all those empty planes.last friday we were only 2 passengers in biz class! my flight back to Europe was 1/4 empty, never happened in 22 years. Link to comment Share on other sites More sharing options...
Torneyboy Posted January 20, 2009 Report Share Posted January 20, 2009 Thai Air expects its first loss in 45 years in 2008 after anti-government protesters shut down Bangkok's main airport for eight days from Nov. 25, stranding about 400,000 travelers during Thailand's peak tourism season. Sales this year have fallen as much as 30 percent, Surachai said. They should never been able to close the airport ..now pay the price for stupidity.. Link to comment Share on other sites More sharing options...
.. Posted January 20, 2009 Report Share Posted January 20, 2009 I got a offer 48 K Biz Class to Sydney or Melbourne return. That's a really good price. My usual tix to MEL on TG are in the B30-36k range depending upon time of year. Cheers, SD Link to comment Share on other sites More sharing options...
Mentors Posted January 20, 2009 Author Report Share Posted January 20, 2009 there is a chance that the Red Ones/UDD will close the Airports to the begin of the ASEAN meeting end of next month. This could bring the grounding for THAI. Link to comment Share on other sites More sharing options...
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