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Thai Airways’ rehabilitation plan is not yet running out. “Big Tu” ordered full details. “Finance – Transportation” to reduce the proportion of holding shares by 50% against heavy union. Bankruptcy threat “Sak Siam” does not trust a plan to recover 5.4 billion deaths. KPI measurement at 23 risk points. Consider this May before the cabinetmaker plays. If not by appointment Released immediately
General Prayut Chan-o-cha, Prime Minister and Defense Minister, revealed that the cabinet meeting on May 12, 2020 has not considered Thai Airways International Public Company Limited’s rehabilitation plan in any way still under consideration. Now, the State Board of Business Policy (people) has sent a communication to consider new proposals. The Cabinet has to go through many steps before entering. Cabinet and they have already loaded that. The rehabilitation plan should be complete and comprehensive.
Big Tu ordered to complete the plan.
“Thai Airways should go into rehab. The plan should be reasonable. Ask staff both inside and outside the organization. Including union of state companies should help each other. Otherwise I can’t go. Finally, there will be no manpower, no employees. No money to hire. It is a complete failure. I don’t want to get to that point. I have to fix it, otherwise more than 20,000 organizations will have problems immediately. As for the loan guarantee, it has not been mentioned. union organization staff. “
Government House sources said Communications has sent the agenda to reduce participation in Thai Airways PLC. 50% to other agencies to take actions. To consider in the Cabinet as a “traveling agenda”, the corresponding department will issue an opinion in consideration
The opinion of one department states that “It was agreed that the treasury will reduce its participation by 50% but maintain its status as a state company. It will satisfy the needs of the employees and the Union of Thai Airways. But the organizational structure must be adjusted. But at the moment of the meeting, the Cabinet has not proposed transportation. “
Stuck with Thai Airways status
A source from the Ministry of Finance revealed that Prepare for the Thai Airways issue I went to meet with the Ministry of Transport to propose to the Cabinet for consideration as a whole But since the Ministry of Transport has not yet proposed the Finance issue, therefore , requested to withdraw the matter. Cabinet is expected to enter to be within the next week. Because it shouldn’t be later Due to the limited liquidity of Thai Airways
“I still can’t agree. Especially reducing the proportion of treasury share because it has an impact on the state of the Thai Airways State Enterprise Workers Union. Therefore, Finance and Transport discussed the conclusion before proposing that the cabinet reconsider. “
Unlock the power board
Guidelines on reducing Thai Airways’ shareholding ratio to less than 50% to manage and streamline Thai Airways If Thai Airways changes the status of a state level 1 to level 3 company in accordance with the Standard Rating Act for Directors and Employees of State Companies of 1975 and its amendments It will make several possible decisions at the board level because they will not have to follow the guidelines State Law for the Regulation of Business Development BE2562 BE, which must go through many legal processes
“If the state is downgraded to a state-level, tier 3 company, decision-making solutions can be simplified at decision-making boards. Business reorganization can be done immediately, including union status But employees can go to apply to establish a new union later. “
If he solves the problem, Thai Airways still faces obstacles. Being rejected by the union. Finally, you may have to let him enter the process under bankruptcy law to rehabilitate the business as TPI Plc in the past. After that, the Ministry of Finance was appointed administrator of the rehabilitation plan. What will be the last option
The deadline to adjust the plan is to end this May.
Mr. Sak Siamchitchai, Minister of Transport, said that the board (board) and administration of Thai Airways, together with the Office of Transport and Traffic Policy and Planning (OTP), have additional details of the rehabilitation plan. In the past, there are no details in the Action Plan that cover income management plans. Expense management plan Debt management plan AND the rehabilitation plan after being affected by the Covid-19 virus outbreak.
“The original rehabilitation plan has 23 risks for both departments to add information. And the guidelines for the 23 topics that will be completed in May, if not completed on time Show that this plan cannot be done. You should consider other alternatives, such as let Thai Airways go bankrupt If you can’t find revenue Finally, the state must bear the same burden. I don’t want to have a destination like Malaysia Airlines. “
Don’t trust the $ 5.4 billion loan plan
A source from the Ministry of Transport revealed that there are still irrational opinions from all parties involved. Therefore, they have to re-discuss together and propose a package of the original, they will propose to reduce the shareholding of the Ministry of Finance to less than 50% first to be flexible in the process.
“Finance and communications agree to reduce shareholding ratio. Reduce recruitment process. And appoint board of directors. That will bring professionals to management. Uninterrupted. State Company Government Act. Will use Japan Airlines model as model.”
The source said that Thai Airways hired a company of financial advisers, Finansa and Baker & Mackenzie (Thailand), to study the rehabilitation and send it to the people to propose their approval to the cabinet.
“The communications still see some differences, such as providing a bank guarantee for the 45 billion baht loan. The rehabilitation plan was unsuccessful. Who will be responsible? Although there is private property of up to 31%. Will the government support the loan to cause trouble later or against the law or not? “
There is no money to pay employees.
The source said in the short term, request a bank loan guarantee of 5.4 billion baht to support liquidity in May – September as expenses within the organization. Because the company’s cash flow is negative, such as paying staff salaries. Renting the plane by borrowing 10 billion a month in May, needing 9 billion baht to pay staff salaries. There are still plans to open. 2 lots for the beginning of this year and next.
“By the end of this year, Thai Airways wants to increase 80 billion in capital to pay the debt of 45 billion, another 30 billion to increase liquidity. Because there is a minimum of 10 billion and a maximum of 20 billion for can live “. The source said
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