Bankrupt Thai Airways seeks to sell 34 aging planes

Thai Airways is in dire straits and needs to sell of assets

Thailand’s national carrier Thai Airways, which declared bankruptcy in May this year after the pandemic lockdown and subsequent travel freeze knocked the already deeply indebted airline out of most of its business, is now trying to sell no less than 34 used passenger aircraft from its fleet.

The airline has listed a variety of planes on its aircraft trading website, including ten Boeing 747-400s manufactured between 1993 and 2003, six Boeing 777-200s built between 1996 and 1998, as well as six Boeing 777-300s manufactured from 1998 to 2000.

Others are six Airbus A340-600s built between 2005 and 2008, three A340-500s that left the production line between 2005 and 2007, two even older Boeing 737-400s made in 1992 and 1993 and one Airbus A300-600 built in 1993.

The airline said it expected to deliver the planes to potential buyers by the second quarter of next year. The deadline for biddings for those interested in buying any plane is November 13.

The airline said the sale was part of a plan to “modernise its fleet.”

Not much demand for used fuel guzzling planes in the current environment, say experts

However, aviation experts say that the sale of these planes will be a bumpy ride as most of them are aged fuel-guzzlers for which there is not much demand throughout an industry which is already on its knees after international air travel collapsed in the wake of the coronavirus crisis.

Thai Airways is desperately seeking ways to monetise its assets amid a business rehabilitation plan it is currently running through during bankruptcy protection procedures.

The airline has piled up debts of 332 billion baht ($10.8 billion), according to figures posted on the Stock Exchange of Thailand website. It is cutting staff, of which almost 5,000 employees have signed up for the company’s early retirement scheme.



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Thai Airways is in dire straits and needs to sell of assets Thailand’s national carrier Thai Airways, which declared bankruptcy in May this year after the pandemic lockdown and subsequent travel freeze knocked the already deeply indebted airline out of most of its business, is now trying to sell no less than 34 used passenger aircraft from its fleet. The airline has listed a variety of planes on its aircraft trading website, including ten Boeing 747-400s manufactured between 1993 and 2003, six Boeing 777-200s built between 1996 and 1998, as well as six Boeing 777-300s manufactured from 1998 to 2000....

Thai Airways is in dire straits and needs to sell of assets

Thailand’s national carrier Thai Airways, which declared bankruptcy in May this year after the pandemic lockdown and subsequent travel freeze knocked the already deeply indebted airline out of most of its business, is now trying to sell no less than 34 used passenger aircraft from its fleet.

The airline has listed a variety of planes on its aircraft trading website, including ten Boeing 747-400s manufactured between 1993 and 2003, six Boeing 777-200s built between 1996 and 1998, as well as six Boeing 777-300s manufactured from 1998 to 2000.

Others are six Airbus A340-600s built between 2005 and 2008, three A340-500s that left the production line between 2005 and 2007, two even older Boeing 737-400s made in 1992 and 1993 and one Airbus A300-600 built in 1993.

The airline said it expected to deliver the planes to potential buyers by the second quarter of next year. The deadline for biddings for those interested in buying any plane is November 13.

The airline said the sale was part of a plan to “modernise its fleet.”

Not much demand for used fuel guzzling planes in the current environment, say experts

However, aviation experts say that the sale of these planes will be a bumpy ride as most of them are aged fuel-guzzlers for which there is not much demand throughout an industry which is already on its knees after international air travel collapsed in the wake of the coronavirus crisis.

Thai Airways is desperately seeking ways to monetise its assets amid a business rehabilitation plan it is currently running through during bankruptcy protection procedures.

The airline has piled up debts of 332 billion baht ($10.8 billion), according to figures posted on the Stock Exchange of Thailand website. It is cutting staff, of which almost 5,000 employees have signed up for the company’s early retirement scheme.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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