BANGKOK: The government is ready to back a rescue package for Thai Airways International Pcl, but it will entail a full restructuring and there will be no second chances, the prime minister.
“This is an enterprise that we have to rehabilitate and this is the last chance we have to manage the issue so it does not get worse,” he told a news briefing. The majority state-owned airline is seeking a loan of 58.1 billion baht guaranteed by the Ministry of Finance to stop it from running out of money, according to a draft of the plan seen by Reuters last week.The flagship carrier, in which the ministry holds a 51% stake, was in financial difficulties before the coronavirus outbreak, having reported losses since 2017.
The Thai Airways Union said it would cooperate with a “clear plan” that succeeded in rehabilitating the carrier. But it was concerned about the risk of interference from outside interests.