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A trip down THAI’s turbulent journey from awards and admiration to knuckle-biting rehab
14 Sept 03:04 Key points summarised by AI
- Thai Airways (THAI), once a prestigious national carrier, is undergoing a court-supervised rehabilitation plan to manage a staggering Bt410 billion debt owed to 13,133 creditors.
- The airline's decline is attributed to decades of alleged corruption, mismanagement, political interference, and costly operational decisions, leading to consistent losses despite high revenues.
- The COVID-19 pandemic severely exacerbated THAI's financial crisis; after being denied another government bailout, the airline was forced to seek business rehabilitation through the Central Bankruptcy Court.
- THAI's recovery plan aims to raise Bt50 billion in fresh capital, drastically cut its workforce from 29,000 to 14,000-15,000, and reduce its fleet from 102 to 86 aircraft, targeting profitability by 2025.
- To generate immediate cash, THAI is selling assets, launching innovative product lines from recycled materials, and offering unique dining experiences at its headquarters.
