BANGKOK, Aug 18: Thailand’s national carrier will submit a plan to the state enterprise to secure massive loans to revitalise the ailing airline, as it plans to shed 1,500 jobs this year as part of restructuring.
Finance permanent secretary Rungson Sriworasat said the plan would need to be considered by a super board, which was created by the military junta to supervise the operations of state enterprises.
If the plan is approved, the Finance Ministry – the majority shareholder in the Thai Airways International (THAI) – would procure loans needed to restructure the airline’s internal operations and eventually return it to profit.
The super board has ordered the airline — among several other financially-troubled state enterprises — to conduct a due diligence report and hand the findings to policy makers as part of efforts to boost efficiency.
THAI is required by the super board to complete its due diligence report within three months.
THAI recorded a 12-billion-baht (100 baht = 200 rupees) loss last year and was 2.63 billion baht in the red in the first quarter of this year.
The airline plans to shed 1,500 jobs this year as part of the restructuring plan in which it targets to cut more than a quarter of its full-time employees by 2018. (PTI)
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