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THAI auctions the bare bones

BUSINESS: The financially troubled Thai Airways International (THAI) will auction off the airframe of an old Boeing 737-400 tomorrow (May 25), according to its TG Warehouse Sale Facebook page.

transporteconomics
By Bangkok Post

Tuesday 24 May 2022, 10:45AM


A Thai Airways International Boeing 777-300ER aircraft is seen parked at Suvarnabhumi airport. Photo: Bangkok Post

A Thai Airways International Boeing 777-300ER aircraft is seen parked at Suvarnabhumi airport. Photo: Bangkok Post

The post said the sale presents a rare opportunity for an interested party to own the airframe of a single-aisle plane which has had long a long history with the national carrier, reports the Bangkok Post.

It said the outer shell could be converted into a cafe or stand as an attraction in a resort.

The auction is being held on Facebook Live at 3pm tomorrow.

In March, the airline earned over B1 million in under a minute by selling passenger seats stripped from its decommissioned aircraft. Thirty pairs of seats in different colours, including the airline’s signature purple and pink, were quickly snapped up during a live-streaming session on the Facebook page TG Warehouse Sale.

THAI has sold or is in the process of selling 45 jets, leaving it with 58 aircraft, excluding three 777-300 aircraft it leased last month.

Last week, the carrier posted a 155% increase in revenue and a narrower loss in the first quarter of this year with liquidity surging to the highest point since the company filed for bankruptcy in 2020.

GSB ready to assist

Meanwhile the Government Savings Bank (GSB) stands ready to extend loans to THAI and the Oil Fuel Fund to boost their liquidity if the government adopts a policy for it to do so, said GSB chairman Prapas Kong-Ied.

He added that though the national flag carrier is no longer a state enterprise, it is still majority owned by the state, reports the Bangkok Post.

Phuket Property

However, the airline has yet to apply for any loans from the bank, he said.

He said THAI has considered applying for a syndicated loan of around B25 billion in the form of a joint loan extension by around 4-5 banks to boost its liquidity.

He added that the Oil Fuel Fund has yet to ask for a loan from GSB. As in the case of THAI, the bank would consider extending a loan to the fund if it were government policy.

The fund is in talks with state-owned banks for loans worth B30-40bn to boost liquidity, enabling it to subsidise the domestic oil price.

In a separate development, Mr Prapas said the Finance Ministry’s probe committee has submitted to Finance Minister Arkhom Termpittayapaisith the result of its scrutiny of the transparency of the bidding process of the Treasury Department’s concession to manage and operate the main water transmission pipeline system in the East.

Mr Prapas said the committee is waiting for the minister to make any order regarding the submitted result.

In March, the Treasury Department named Vongsayam Korsang Co the winning bidder.

Later, the ministry set up a committee to investigate the transparency of the bidding process as ordered by the prime minister.

The Pheu Thai Party says it will make transparency a key issue during a no-confidence debate expected in July in relation to this bid.

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Kurt | 25 May 2022 - 11:39:41

'155% Increase in revenue'. Yes-yes, by selling/terminating lease of half the fleet, + a fine bankruptcy what made Thai didn't have to refund bought passenger ticket fares to customers. Great thai bookkeeping. All just on paper. Thai is gone, it's over. Unless a foreign CEO starts running the airline. Proven that thai can't. They just good for selling 2nd hand old seats. 

 

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