Thai Airways International denies rumours that it is on verge of financial collapse

Thai Airways International denied (07-Jan-2014) social media reports that the carrier is on the verge of financial collapse, dismissing the talk as "rumours". The carrier said: "THAI denies such rumours and states it is untrue that the Company will go into bankruptcy. Since its establishment, THAI has met all debt payments even with low operating results in the past. Therefore, the Company will not go bankrupt as it has never missed debt payment since it was established". It continued, "At the end of the third quarter 2013, the Company had assets that were primarily aircraft valued at approximately 315,923 million baht and debts including burden of interest at approximately 183,489 million baht, excluding the burden of expenses for 20 leased aircraft in the fleet. The Company has well-prepared its finances and has sufficient liquidity. When compared to 2008, when the Company experienced an operating loss prior to foreign exchange rate and tax (not including aircraft impairment) as high as 14,943 million baht, whereby assets increased at a rate higher than debts, the Company never missed a debt payment then. The Company, therefore, confirms that it has financial stability, a well-prepared plan, and is considering to adjust its strategy in order for the Company to have a better operating result on a regular basis". [more - original PR]