Jump to content

THAI in financial troubles


Mentors

Recommended Posts

  • Replies 31
  • Created
  • Last Reply

BANGKOK, Jan 21 (Reuters) - Thai Airways International THAI.BK said on Wednesday it was seeking up to 34 billion baht ($974 million) in loans from financial institutions for working capital and debt refinancing.

 

It said in a statement it was looking for 19 billion baht for working capital and 15 billion baht for refinancing short-term loans.

 

"We need the funds as soon as possible," a Thai Airways official told Reuters.

 

On Monday, the airline said it was seeking 19 billion baht in loans from state-owned banks as it needed working capital after being hit by recent shutdowns of Bangkok airports.

http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSBKK36611220090121

 

remembers me about the 'Swissair' grounding. :shifty:

 

 

Link to comment
Share on other sites

Thai has been mismanaged for as long as I can remember. Of course, they have to put up with too many calamities, and last year's was huge, but most airlines would envy their labor costs!

 

Sama sama Garuda, they not only have low labor costs but really cheap domestic fuel and they can't keep their heads above water. Singapore Airlines is now the de facto international airline of Indonesia, the fourth most populous country in the world, and that's a shame.

 

I'm not suggesting there's any corruption involved, in either case. :cover:

Link to comment
Share on other sites

When I worked for Garuda, 20 years ago, they moved me from the downtown LA office to the airport supervisor role for a week, to fill in for the supervisor who was on vacation.

 

He chose a great time to go on vacation, because we didn't have an fecking aircraft for days. I was the front line guy taking all the heat and management wasn't telling me jack. 'Just tell the passengers to show up again tomorrow and maybe we'll have a plane here.' This went on for days and our computer system, or my access to it, wasn't such that I could figure out the aircraft movement for myself so I had to go along with their bullshit that nobody knew where a fucking plane was.

 

And we couldn't move many passengers over to competitors because flights were full and also all the government freebies you mentioned.

 

Turned out Suharto had one DC-10 in Washington and another on standby in Anchorage in case something went wrong with the first. And there were only like 5 in the fleet at the time. Effed up the entire operation. :banghead:

 

Now, don't get me started about the haj operations...they'd pull the same shit with that, year in, year out. :cussing:

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.


×
×
  • Create New...