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Thai Airways Announces Phased Asset Sale Hoping to Increase Liquidity
February 24, 2021 at 6:30 am
Thai Airways continues to sell 4 assets after bankruptcy court green light Both actions – aircraft – Laksi training center I hope to support the position to generate additional cash income during the COVID period.
Chansilp Treynuchakorn, Acting Chairman of Thai Airways International Public Company Limited, revealed that the situation of the coronavirus epidemic has affected all airlines. Including Thai Airways cannot fly normally. Furthermore, the global airline business is facing a serious contraction crisis. From international travel restrictions Resulting in the Company’s cash flow Continuous decline Until it is not enough that the company will start flying again
Although the company has made best efforts to earn money in many ways, such as arranging a flight to pick up Thais from home. Cargo flight AND generate additional revenue from non-aviation business units, such as revenue from Aviation Kitchen’s restaurant business Airline service, ground customer care and ground equipment service, technical department, as well as revenue from sales of products in Thai Shop and commercial tour of the royal capital.
However, a petition was filed with the Central Bankruptcy Court requesting permission to sell some of the assets that are not the main assets required for the debtor’s aviation business. Either it is an unused property OR it is maintained, but it will only depreciate In addition to increasing maintenance costs by the amount of 4 items: 1. Nok Air shares, 2. Bangkok Aviation Fuel Service Public Company Limited shares.
3. Boeing 737-400 aircraft engines not in use (five engines) and 4. Laksi Training Center building The Bankruptcy Court conducted an investigation and issued an order allowing the property to be sold. Completed under the supervision of the official receiver
Chansilp said the company had to announce the sale of the Laksi Training Center building in Bangkok. Because in the work of flying on each flight The company is required to have a certain amount of money. Ready to pay the seller of goods or to provide services This is the cost associated with flying on that flight, as the COVID-19 epidemic situation is resolved and restrictions on the opening of airspace from Thailand and abroad have made it possible to fly.
However, if the company cannot fly again In addition to the company it will lose the opportunity to generate income from the airline business What is the main business that the Company already strong It may also lose the right to fly and the flight schedule (Flight Slot) in various countries, which is considered one of the invaluable assets that are essential to the Company’s business operation.
Allowing such damage will make the company lose its competitiveness permanently AND it certainly has an impact on the prospect of the Company’s business rehabilitation, than if the damage is allowed to occur. However, the proceeds from the sale of said property will be used in the aviation business. Expand and generate revenue for the business OR use it in business operations within the scope of legal proceedings.
For office building, training center, Laksi area It is one of the assets that have been sold by order of the bankruptcy court in the case of business reorganization of the Company. The sale will be made by submitting a tender envelope. The company offers land and buildings at the Laksi Training Center. Exclude things other than land or building components. And exclude other company furniture located in the building area. The offer is for sale in its current nature and condition (“as-is-where-is”), that is, the bidder must not require the Company to construct, modify or demolish any building and structure on the land and in the center of Laksi training.
The Laksi Training Center Building is located at 425 Talat Bang Khen (Don Mueang), Bang Khen District, Bangkok. Total area of 19 rai, 3 ngan, 26 square wah or 7,926 square wah, interested persons can contact TOR from today, February 25, 2021 and during March 1 to 26, 2021, by email at propertyforsale @ thaiairways .com. And you can request to see the real estate area Between March 1 and 26, 2021 and will organize the presentation of the offer envelope on April 1, 2021 from 9:00 a.m. M. At 4:00 p. M. At the Purchasing Service Center, Building 3, Floor 1, Thai Airways Headquarters and will announce the selection results. Meet April 16, 2021
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