Last chance for Thai Airways, says PM

The government is ready to back a rescue package for Thai Airways International, but it will entail a full restructuring and there will be no second chances, the PM said. Seeking union support for the plan, drafted amid a global travel slump caused by the coronavirus outbreak, Prayut Chan-o-cha said adjusting the airline's organisational structure and headcount would be challenging. "This is an enterprise that we have to rehabilitate and this is the last chance we have to manage the issue so it does not get worse," he said. The package, details of which have not been confirmed, has not yet been submitted to cabinet, he said. The majority state-owned airline is seeking a loan of 58.1b baht guaranteed by the Ministry of Finance to stop it from running out of money, according to a draft of the plan. In exchange, the carrier would agree to cut its fleet size and lay off staff, the documents showed. The Thai Airways Union said it would cooperate with a "clear plan" that succeeded in rehabilitating the carrier. But it was concerned about the risk of interference from outside interests.<br/>