Thailand

Thai Airways International PCL said it expects to name a new permanent CEO as early as January 2023 as it proceeds with a pandemic-driven restructuring plan, the airline's acting chief executive said on Friday, Reuters reported. The new chief executive will take over as the airline undergoes a bankruptcy protected debt restructuring and has shed around half of its workforce and aircraft fleet. "There were nearly 50 applicants," acting CEO Suvadhana Sibunruang told Reuters on the sidelines of an industry gathering in Bangkok, saying a decision would be made early next year.

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Thailand’s acting prime minister, who earlier this week called for measures to halt the baht’s slide, said the government won’t meddle with the central bank and how it handles the currency, Bloomberg News reported. Prawit Wongsuwan, who is leading the government after a court last month suspended Prayuth Chan-Ocha, said on Thursday he directed Finance Minister Arkhom Termpittayapaisith to “only talk” to the Bank of Thailand about the baht’s recent slump. That’s a walk back from remarks on Tuesday when he said he wants the baht back at 35 to a dollar.
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Thailand's oldest lender, SCBX Pcl, said on Thursday that it was pulling out of a $500 million deal to buy crypto exchange Bitkub, saying the start-up needed time to fix regulatory issues, Reuters reported. "Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of timeframe in resolving those issues," SCBX said in a statement. "As a result, the buyer and the seller have agreed to terminate the transaction," it said.
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Thai Airways International Pcl will receive key financial support from the government for its 80 billion baht (US$2.3 billion) capital raising and debt-to-equity swap plan aimed at helping the state-controlled carrier come out of its pandemic-induced bankruptcy, Bloomberg News reported. State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Air as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith said in an interview with Bloomberg News on Monday.
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Asia crypto exchange Zipmex Pte plans to allow users to withdraw some tokens from their trading accounts, Bloomberg News reported. The exchange set a timeline for withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet. Larger coins including Bitcoin and Ether remain locked up, the company said in a statement.
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A deal to sell a majority stake in Thailand’s largest crypto exchange to the nation’s oldest bank remains stuck in due diligence more than eight months after the plan was unveiled, according to the platform’s co-founder, Bloomberg News reported. The proposal with SCB X Pcl that helped propel Bitkub Online Co. into a so-called unicorn has yet to be wrapped up, according to Jirayut Srupsrisopa, chief executive officer of Bitkub Capital Group Holdings.
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Thai cryptocurrency exchange Zipmex said in a document dated July 27 that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company, Cointelegraph.com reported. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is active.
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The Zipmex cryptocurrency exchange on Wednesday blocked users from taking direct custody of their coins, citing volatile market conditions, Coin Desk reported. "Due to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice," the exchange announced on Twitter.

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At least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector, Nikkei Asia reported. Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license.
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Thai AirAsia X, the long-haul budget airline under the AirAsia group, said its application for bankruptcy protection was accepted by Thailand’s Central Bankruptcy Court, Forbes reported. "Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening”, Patima Jeerapaet, chief executive of Thai AirAsia X said in a statement released on Thursday.
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