Thai Airways on track to exit rehabilitation early: CEO

yong · Post by **yong** » Fri Feb 10, 2023 6:42 pm

https://asia.nikkei.com/Business/Travel ... 2&si=44594

Thai Airways on track to exit rehabilitation early: CEO
Carrier eyes increased service to China and Japan as travel recovers

Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai. © Reuters
YOHEI MURAMATSU, Nikkei staff writerFebruary 10, 2023 03:50 JST

BANGKOK -- Thai Airways is expected to conclude a restructuring plan ahead of schedule, new CEO Chai Eamsiri told reporters Thursday, as a worldwide relaxation of pandemic restrictions spurs travel demand.

The Thai flag carrier filed for bankruptcy protection in 2020 amid headwinds from COVID-19. In plans announced last year, it aims to complete restructuring in 2024 through a debt-for-equity swap, and is looking to resume trading on the stock market in 2025.

The restructuring plan is 70% complete, said Chai, who took the top post effective Feb. 1.

Thai Airways will officially announce its 2022 results by the end of the month. Revenue increased nearly fourfold last year to about 90 billion baht ($2.69 billion), Chai said.

The carrier predicts another 40% increase in 2023, which would bring revenue to about 70% of the pre-pandemic figure from 2019. It also aims to expand its fleet to 58 aircraft from the current 49.

Chai said he wanted to expand service to China, Japan and Europe. Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai.

In Japan, Chai is more focused on increasing the frequency on existing routes than establishing new ones. He is considering more flights to and from the Haneda and Narita airports serving Tokyo, as well as Kansai International Airport serving Osaka.

Overall, Thai Airways expects to resume 65% of pre-COVID routes this year and 85% in 2025.

Chai is Thai Airways' first permanent CEO since Sumeth Damrongchaitham stepped down in April 2020. He served as chief financial officer until taking the top post.

Kammekor · Post by **Kammekor** » Fri Feb 10, 2023 6:47 pm

Hi Chai,
Great news! When are you going to reply to my requests to exchange one of your precious COVID vouchers for a ticket?