Thai Airways International on Friday said that it had cut around 240 executive positions at the airline as part of its bankruptcy restructuring process, Reuters reported. The announcement comes as the company nears a deadline to submit its restructuring plan to a bankruptcy court for creditor approval and as the fallout of the coronavirus pandemic adds to the woes for an airline that has been struggling since 2012.
Embattled Bangkok-based carrier Thai Airways is to lay off 395 pilots as part of its restructuring and rehabilitation plan, Simple Flying reported. It follows Thai Airways Acting President Chansin Treenuchagron last month saying the airline’s reorganization was on track and progressing well. This round of retrenchment means Thai Airways will now employ less than 1,000 pilots. It’s another hiccup in a litany of problems facing Thai Airways as it struggles to avoid disappearing off the aviation map. The airline first sought bankruptcy protection in May 2020.
Gold sales in Thailand are surging as households reach for a financial lifeline amid the pandemic, a tactic that risks complicating government efforts to tame an export-stifling rally in the nation’s currency, Bloomberg News reported. Exports of the precious metal surged to a record this year as prices climbed and Thais unloaded jewelry, bars and medallions to raise cash for routine expenses. Bullion traders expect the trend to continue into 2021 as the coronavirus drags on tourism and manufacturing, the mainstays of Thailand’s economy.