Thai Airways reduces staff by 50%

**Joe 90** · 04-03-2021, 03:58 AM

Thai Airways is looking to raise as much as 50 billion baht ($1.65 billion) through equity, bank loans, and other means, while slashing its workforce by one half.

The Star Alliance carrier currently has 19,500 employees and expects 6,000 workers to depart by the end of 2021 as part of the restructuring plan. Prior to the pandemic, it had 28,000 employees, according to Reuters.

Thai Airways also has plans to retire 17 aircraft by 2025, bringing its fleet down to 86 aircraft. The airline will further reduce the number of aircraft types from 12 to five.

Earlier, Business Traveller reported that the carrier was looking to retire its Airbus A330s and A380s, in addition to Boeing 747s.

As it emerges from the restructuring process, Thai Airways expects to position itself as a “private high-quality full-service carrier” by enhancing its products, becoming more profit-focused, controlling costs, and driving safety and efficiency across operations. The efforts will be led by Thai Airways’ transformation chief, reported the Bangkok Post.

Prior to its restructuring proposal, the airline found itself tied down by debt amounting to 410 billion baht ($13.5 billion) across 13,000 creditors. It posted a net loss of 141 billion baht ($4.65 billion) in 2020, its fourth consecutive annual loss.

thaiairways.com

**HuangLao** · 04-03-2021, 05:30 AM

Frankly, they shoulda pulled the plug years ago.
Bit of a shambles and poorly run carrier, for some time now.
Shameful.

**Shutree** · 04-03-2021, 02:43 PM

Originally Posted by Joe 90

Thai Airways is looking to raise as much as 50 billion baht ($1.65 billion) through equity, bank loans, and other means,

The only people I can see being willing to acquire equity would be the existing shareholders, who will otherwise see their existing invesments become a total loss.

Maybe some Thai banks will have government pressure to offer loans. Seriously, would you willingly lend these people a billion dollars? If you would then I have a smaller scheme myself that is an enterprise “For carrying-on an undertaking of great advantage but no-one to know what it is!!” Kindly pm me with your bank account details and a direct debit mandate.

**cyrille** · 04-03-2021, 02:48 PM

Originally Posted by Shutree

Seriously, would you willingly lend these people a billion dollars?

If another recent story is anything to go by, they might be lending a billion dollars to someone who merely works there.

If so, Thai airways will deny all responsibility.

**taxexile** · 04-03-2021, 04:03 PM

maybe lurch will put his hand in his pocket and bail 'em out seeing as he is responisble for a sizeable fraction of their losses.

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