Concerns that Thai Airways is just a toy for members of the Thai Government to argue over are reinforced by claims that the Finance Ministry will not participate in any recapitalisation under its rehabilitation plan.
The current argument centres around whether THAI should once again become a state enterprise with the Ministry of Finance increasing its shareholding above 50%.
The reduction below 50% prior to THAI entering rehabilitation proceedings was largely an exercise in shuffling the excess shareholding to satellite Government-linked funds.
The Finance Minister appears to be in support of his Ministry regaining majority control of THAI. The head of the State Enterprise Policy Office (SEPO) is taking the contrary view, arguing that THAI is effectively a money pit and pouring more funds into it cannot be justified to taxpayers.
THAI's plan was scheduled to be voted on by creditors at a meeting on 12 May. Creditors seemed likely to support it given the prospects for THAI if the plan is rejected. However, the vote has now been delayed until 19 May.
Govt 'won't back' billion-baht THAI cash injection
May 2021
© PELEN 2021
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