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Thai Airways posts big third quarter loss
Thai Airways posted a third quarter loss of nearly $500 million as the deficit quadrupled compared to a year ago.
Acting president Chansin Treenuchagron said load factor was down to just 35% during the quarter with the number of passengers flown down by 90%.
The airline is still struggling as it undergoes a court-approved restructuring process.
It has 34 Boeing and Airbus planes up for sale.
"This is one of the steps in the preparation stage to subsequently sell the used aircraft under the business reorganisation proceedings. The sale of the planes would require relevant stakeholders and the Bankruptcy Court’s approval," the airline said.
It also plans to let up to 5,000 employees go through an early retirement program..
In September Thailand’s Bankruptcy Court approved the airline’s debt restructuring plan of THB245 billion.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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