Thai Airways is making progress in resolving its debts and has announced that ticket refund requests will close on March 31.
Thai Airways International (THAI) has made progress on its debt repayment plan and confirms that it is following the outlined plan to settle debts with various creditors.
In the meantime, passengers who are owed refunds for their tickets have until March 31 to contact the airline.
See: Thai Airways to finally reimburse injured passengers
Thai Airways says it is ready to meet its debt obligations, with accumulated cash reserves exceeding 67 billion baht, providing it with sufficient liquidity for its business operations.
This calendar year marks the first payment of repayments to commercial publishers known as Group 10, which includes certain creditors holding convertible bonds totaling more than 10 billion baht.
According to Piyasvasti Amranand, who chairs the executive committee of Thai Airways International's recovery plan, the recovery of the aviation and tourism industry, coupled with increased travel demand, has significantly boosted the airline's revenue.
Piyasvasti emphasizes that the company is now in a financially flexible position and can meet its debt obligations, as stipulated in the company's recovery plan.
"The total debt currently stands at 120 billion baht, and we have committed to repaying the entire amount in 12 installments.
The first payment is expected in the middle of this year, totaling more than 10 billion baht.
“After a financial assessment, we are confident that Thai Airways will be able to meet the debt repayment plan as planned,” Piyasvasti said.
Thai Airways' total debt of 120 billion baht comes in three forms:
- convertible bond debt , amounting to 72 billion baht.
- The debt of financial institutions, which amounts to 30 billion baht.
- Other debts, including trade creditors, 1 to 2 billion baht.
Thai Airways has so far settled some debts with its creditors, including nearly completing the repayment of passenger ticket debts totaling 13 billion baht, with only about 300 million to 400 million baht remaining to be settled by March 31.
Most of the remaining amounts have not been paid due to difficulties in contacting creditors.
If Thai Airways fails to contact these creditors by the end of March, the airline will file the remaining debt funds with the bankruptcy court to demonstrate its willingness to repay its debts.
Subsequently, if creditors wish to receive debt repayments, they can contact Thai Airways.
The airline is asking remaining creditors to contact it at the THAI Reimbursement Center, located in the main building on Vibhavadi Rangsit Road.
The entire remaining debt is expected to be repaid gradually in 12 installments.
As for Group 9 creditors, passengers requesting refunds for their tickets, they will receive their refunds through normal refund procedures by March 31, 2024, according to the airline.
See also:
Thai Airways confirms abandonment of Airbus and purchase of 45 Boeing 787s
Thai Airways could return to the Stock Exchange of Thailand in 2025
After trying to cover up, Thai Airways apologizes for burning passenger
Source: The Nation Thailand
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2 comments
Dear Customer,
Thank you for your email.
Regarding your THAI Travel Voucher refund request,
Please note that at this time you can request a refund.
Thai travel voucher by yourself on our website as below:
However, we would like to inform you that since Thai Airways has been in
rehabilitation proceedings since 2020, THAI will process the refund sequentially
no later than March 31, 2024, as scheduled within the time limits,
with the company's recovery plan.
We apologize for any inconvenience.
For more information or assistance, please just let us know
or you can contact THAI Contact Center: +662-356-1111 (24 hours service).
Thank you for flying to Thailand.
best regard
Tanapat I.
Thai Call Center
Opening Hours 8:00 – 17:00 (GMT+7) BANGKOK TIME ZONE
Sent: 22 พ.ค. 2566 13:50
To: contact@service.thaiairways.com
Subject: Refund
Hello, we have been waiting for reimbursement since 2020 for these three flights that we did not take!
When will we receive our money???
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THESE ARE 3 PAYMENTS OF €936.03 SO A TOTAL OF €2808.09 IN MY ACCOUNT.
According to your article, Thai Airways was supposed to refund all tickets canceled due to COVID, but it's 2025 and still no refund has been forthcoming, despite all the reminders.
This company tarnishes the very image of Thailand.
It's a shame!