Latest news with #ThaiAirways'
New Straits Times
17-06-2025
- Business
- New Straits Times
Thai Airways gets court approval to exit bankruptcy plan
BANGKOK: A court has approved Thai Airways' exit from its debt rehabilitation plan, launched after the flag carrier struggled to survive the collapse in tourism caused by coronavirus pandemic travel restrictions. The Star Alliance member was plunged into crisis as global travel ground to a halt, triggering mass layoffs and forcing the airline to seek emergency government support. Thai Airways entered court-supervised restructuring in 2020 to resolve debts of 400 billion baht (US$12.3 billion), and said it has since "posted steady revenue since 2023." The Central Bankruptcy Court on Monday approved the airline's exit from the programme. "Thai Airways has successfully rehabilitated its business through organisational restructuring, flight expansion and fleet improvement," the airline said in a statement. The carrier plans to resume trading on the Stock Exchange of Thailand by early August after being delisted in 2021 over financial and shareholder issues. The finance ministry remains the airlines' largest shareholder, with a stake of nearly 40 percent. The Central Bankruptcy Court ordered Thai Airways to repay around 190 billion baht to creditors over the next decade, of which it has already paid back 94 billion baht. The airline had long been accused of mismanagement, and a 2020 transport ministry probe linked part of its financial woes to corruption. Thailand's tourism sector continues to lag behind pre-pandemic levels, with the government targeting 37 million visitors in 2025.
Korea Herald
16-06-2025
- Business
- Korea Herald
From Campus to Cockpit: Chula-Thai Airways Unite for a Future-Ready Thailand
BANGKOK, June 16, 2025 /PRNewswire/ -- Chulalongkorn University and Thai Airways International Public Company Limited have signed a memorandum of understanding (MoU) to promote and develop educational potential and knowledge exchange to create value for organizations and society. This collaboration encompasses a wide range of activities aimed at driving sustainable development at the organizational, national, and international levels. The MoU was signed on May 29, 2025, at Room 111 of the Maha Chulalongkorn Building by Professor Dr. Wilert Puriwat, President of Chulalongkorn University, and Mr. Chai Eamsiri, CEO of Thai Airways. The purpose of this collaboration is to foster cooperation in education, research, innovation development, and knowledge exchange between academia and business sectors. The aim is to adapt to societal and technological changes while creating value for both organizations and society. Additionally, the partnership supports human resource development, lifelong learning, and upskilling of personnel, students, and the general public through co-created learning materials, knowledge exchange, training programs, and various creative activities. The long-term vision includes establishing new organizational value, and jointly supporting the creation of departments, academic programs, or projects aimed at enhancing professionalism, services, and related industries. The shared knowledge will be used to improve operational efficiency and strengthen relationships between public and private sectors, serving as a model of collaboration for national development. As part of the event, Chulalongkorn University hosted the fourth session of the President's Distinguished Speaker Series under the theme: "From Turbulence to Triumph: Thai Airways' Journey from Recovery to Ascent." Professor Dr. Wilert Puriwat opened the event, followed by a discussion featuring Dr. Piyasvasti Amranand, Head of the Business Rehabilitation Plan for Thai Airways, and Mr. Chai Eamsiri, CEO of Thai Airways. The session decoded the airline's strategic turnaround from loss to profit and its service excellence upgrade. The panel was moderated by Dr. Weerapong Prasongchean, guest lecturer at Chula's General Education Center. Prof. Dr. Wilert Puriwat remarked: "The role of universities today goes beyond simply delivering education — it includes learning from real-life experiences. These experiences become truly meaningful when we learn from actual challenges. It is an honor to learn from Thai Airways' transformation, a national organization of the Thai people. Both Chulalongkorn University and Thai Airways share a similar mission — to go global, acting as gateways to Thailand. Our efforts are, therefore, genuinely in service of the nation." Dr. Piyasvasti Amranand, commenting on Thai Airways' recovery, stated: "It has now been five years since Thai Airways filed for business rehabilitation with the Central Bankruptcy Court. Soon, the court is expected to issue an order concluding the rehabilitation process, which would mean Thai Airways can once again operate as a regular public company and resume stock trading on the exchange. However, all staff must remain honest and resilient. Do not succumb to external pressures — otherwise, we risk repeating past mistakes. Weakness among executives or employees opens the door to outside interference, especially in procurement. I urge our leadership to stay strong and uphold what is right." Mr. Chai Eamsiri, CEO of Thai Airways, summarized: "Aviation is a complex, highly competitive industry. Thai Airways envisions becoming a high-quality airline that reflects Thai identity through its services and achieves sustainable profitability. Since our performance has improved, we've incorporated elements of Thai soft power into our identity under the theme 'Good Taste for a Good Cause,' to tell our story and restore public trust." View the photo album of this article at About Chulalongkorn University "Chulalongkorn University proudly retains its No. 1 position among Thai universities and ranks 132nd in Asia out of more than 2,000 institutions in the THE Asia University Rankings 2025 — a testament to the excellence of Thai higher education on the regional stage."
The Star
06-06-2025
- Business
- The Star
Thai Airways shuts down Thai Smile after 12 years of losses
BANGKOK: Thai Airways International (THAI) has officially dissolved its subsidiary, Thai Smile Airways, marking the end of the budget airline after more than a decade of continuous losses totalling over 20.9 billion baht and a negative shareholder equity of approximately 9.7 billion baht (US$297 million). According to a report from Thai Airways International Public Company Limited, the airline notified the Stock Exchange of Thailand (SET) on June 5, 2025, that it had completed the legal process to dissolve Thai Smile Airways Co, Ltd., in which it held a 99.99% stake. The decision followed the resolution passed at the 14th Executive Plan Administrator Meeting on May 8, 2025, which approved the proceeding with the legal dissolution of Thai Smile. The registration of the dissolution was finalised with the Department of Business Development (DBD) under the Ministry of Commerce on June 5. Thai Airways confirmed that the closure of the subsidiary will have no impact on its ongoing operations and that the legal liquidation process will continue accordingly. Thai Smile was established on Oct 17, 2013, with cabinet approval granted on Sept 24, 2013, during the tenure of Piyasvasti Amranand as Thai Airways' President. The airline launched with registered capital of 1.8 billion baht, fully owned by Thai Airways. The first Thai Smile flight took place on April 10, 2014, from Suvarnabhumi Airport across 10 domestic routes under airline code WE, and the final flight, WE268 from Hat Yai to Bangkok, departed at 8:45pm on Dec 31, 2023. Financial records show that Thai Smile reported losses every year over its 12 years of operation, making it one of Thai Airways' most costly ventures. As of its final financial statement: > Accumulated losses exceeded 20.929 billion baht >Shareholders' equity was negative by 9.676 billion baht The long string of losses ultimately led to the decision to wind down operations — a hard-earned lesson for Thai Airways as it continues its financial restructuring. - The Nation/ANN
Skift
15-05-2025
- Business
- Skift
Thai Airways CEO: Rebuilding Confidence was Key to Profitable Turnaround
Thai Airways' turnaround shows that rebuilding trust, not just balance sheets, is key to recovery. As the airline exits restructuring, the real test will be sustaining momentum in an increasingly competitive Asian hub landscape. The chief executive of Thai Airways has spoken candidly about the importance of rebuilding trust. Speaking at the Skift Asia Forum in Bangkok on Thursday, Chai Eamsiri, said gaining stakeholder confidence was the foundation of the company's recent transformation. 'The most important part was to get the confidence of our stakeholders, especially at the beginning. We needed to earn confidence from our partners because at that time, it was very difficult,' he said. Eamsiri described the pandemic period as 'survival mode,' adding: ' Airlines are a cash-burning industry. If you don't have revenue your cash will gone quickly.' In 2021, the Thai flag carrier started restructuring debt worth 400 billion baht ($12 billion) as part of a major shoring up of the business. Eamsiri, who previously served as chief financial officer, before stepping up to CEO in February 2023, offered insight into the scale of the turnaround: 'No one could imagine that Thai Airways can come back as it is today. At that time, four years, five years ago, nobody thought that Thai Airways would come back this strong.' Eamsiri also highlighted the importance of being a financially credible business: 'Once we were halfway [through the plan], I went back to our partners and our stakeholders [and said] that we did what we promised on day one; this is what we've delivered.' End of the Rehabilitation Period The Thai Airways CEO confirmed to Skift that the carrier's rehabilitation plan is due to conclude in 'about a month.' The milestone marks a radical reversal in fortunes for the company, which is now one of the world's most profitable major airlines. The restructuring hasn't been without difficult decisions. Eamsiri and his team oversaw huge cuts to the Thai Airways workforce, with total headcount slashed from around 30,000 to just 15,000. But there are also promising signs of growth. Thai Airways has large orders with both Airbus and Boeing for new-generation jets. These will be used to replace older models, but also expand the network. Asked about the prospect of Bangkok becoming a stopover hub on par with regional or Middle Eastern rivals, Eamsiri said a collaborative effort was essential: 'Thai Airways cannot do it by ourselves. We need the airport to work closely with Thai Airways. Bangkok as a hub is not only a mission for Thai Airways, it's a mission for the country.' A True Network Carrier The CEO said a strong network airline was his goal, and emphasized the importance of feeder routes as a competitive advantage. 'Lately we've changed our strategy to change from point-to-point sales into more on the network airline. We're not ignoring point-to-point but if network sales bring incremental revenue on top of the point-to-point sales, then it's proven that our strategy is the right decision.' Eamsiri cautioned that frequencies as well as routes are a key consideration when developing the Thai Airways network: 'The domestic and the regional routes are an attractive selling point for us. We operate long-haul, intercontinental flights from Europe or Australia into Bangkok, and to make the domestic and regional routes interesting for these passengers, we need to put more frequency into these routes. Otherwise, we cannot give the variety of products, with scheduling also part of the product. If we only have one or two flights a day, passengers will not choose us, so we need to build our network to serve each other.' With the rehabilitation plan nearly complete and a modernized fleet on the horizon, Thai Airways is positioning itself not just as a survivor of the pandemic era, but as financially stable, strategic player. This interview was lightly edited for clarity. What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance. Read the full methodology behind the Skift Travel 200.
Broadcast Pro
10-04-2025
- Business
- Broadcast Pro
NSG and Thai Airways to equip 80 aircraft with advanced IFC
NSGs IFC solution leverages the SES Open Orbits network, delivering high-speed, low-latency coverage through both GEO and MEO satellites across the airlines global routes. Neo Space Group (NSG), a Public Investment Fund (PIF) company and Saudi Arabias commercial space services provider, has announced an expanded partnership with Thai Airways International (THAI) to equip 80 aircraft with its state-of-the-art In-Flight Connectivity (IFC) solution. This announcement builds on the earlier announcement of NSG and Thai Airways collaboration to deliver a seamless in-flight connectivity service, offering market-leading connection speed, global gate-to-gate coverage (where permitted), and a personalised passenger experience through seamless login and exclusive benefits for Royal Orchid Plus members. THAI passengers will benefit from unlimited, high-speed internet access throughout their journey, reinforcing Thai Airways commitment to digital innovation and service excellence. NSGs IFC solution leverages the SES Open Orbits network, delivering high-speed, low-latency coverage through both GEO and MEO satellites across the airlines global routes. The rollout will begin with Thai Airways Boeing 777 fleet, which will be retrofitted starting in Q3 2025. In parallel, the Airbus A321neo fleet currently in production will be line-fitted with the Airbus HBCplus platform, with deliveries starting from Q4 2025. Building on this momentum, Thai Airways Boeing 787 Dreamliner fleet, also in production, will be line-fitted with SPIs Aeroconnect terminal – a major milestone in NSG and Thai Airways joint connectivity strategy. Deliveries for the 787s are scheduled to commence in mid-2026. Martijn Blanken, CEO of Neo Space Group, stated: 'Being selected by Thai Airways International highlights the strength and versatility of NSGs multi-orbit connectivity solutions. We are excited to support Thai Airways in elevating the passenger experience with reliable, high-speed internet. This collaboration marks not only the airlines resurgence but also its forward-thinking vision, and we are proud to play a role in shaping its future.' NSGs IFC solution will deliver internet speeds of up to 200 Mbps, enabling best-in-class complimentary Wi-Fi streaming for premium class passengers and Royal Orchid Plus (ROP) members. This investment reflects THAIs broader strategy, building on its legacy of service excellence and digital innovation – while continuing to deliver its signature hospitality. Wirush Theparak, Head of Customer Experience and Product at Thai Airways International, commented: 'Thai Airways International is committed to delivering an elevated guest experience. Our partnership with NSG allows us to vastly improve our in-flight connectivity and offer our passengers new levels of convenience, entertainment, and comfort. This initiative marks a significant step in our journey to redefine passenger expectations.' NSGs comprehensive and innovative IFC solution integrates Display Interactive's Skywaves – an advanced traffic management system – with SkyFly, a seamless digital passenger interface, all powered by the SES Open Orbits network. This end-to-end solution enables delivery of high-speed, low-latency connectivity, delivering a superior passenger experience. Additionally, NSG works with leading aerospace partners to offer flexible hardware solutions, streamlining IFC deployment across diverse airline fleets.
